The Securities and Exchange Commission (SEC) has charged podcaster Matthew Motil with orchestrating an $11 million real estate Ponzi scheme, Business Insider reported.
The SEC filed a complaint against the host of “The Cash Flow King” podcast in the Northern District of Ohio court.
Motil allegedly violated the Securities Act of 1933 and the Securities Exchange Act of 1934. He is accused of using investor funds to finance a luxurious lifestyle, including NBA courtside tickets, a lakeside mansion, and $400,000 in credit card payments for his wife.
See Also: Raskin Warns Shutdown Could Spell Trouble Gaetz, Taylor Greene
Over 50 investors were conned, with Motil leveraging social media to promote low-risk, high-return promissory notes allegedly backed by residential properties. The SEC alleges that Motil sold multiple promissory notes, claiming they were secured by the same property, to multiple investors.
Mark Cave, associate director of the Division of Enforcement, stated, “Motil used podcasts and social media platforms to bolster his reputation as an investing expert while fraudulently targeting investors’ hard-earned retirement assets.”
The SEC is seeking injunctive relief, disgorgement plus prejudgment interest, civil money penalties, and an officer and director bar against Motil.
Read Next: The biggest disruption to smartphones in 15 years is here. See how this company is Giving Users An Opportunity To Make Up To $1200 A Year
Photo by Stock-Asso on Shutterstock.
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4 Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
