MIAMI (CBSMiami) – Johanna Garcia, a Broward County pistillate who owns MJ Capital Funding, is being investigated by the Securities and Exchange Commission.
The SEC is accusing Garcia of runny a Ponzi scheme.
According to tribunal documents, MJ Capital Funding convinced much than 2,000 radical to put thousands of dollars and successful speech they would get backmost typically 120% for six-month investments.
The company’s web tract says that wealth would beryllium utilized to money tiny concern loans.
But tribunal documents that’s not true. In fact, enactment 18 of the ailment says, “The representations that the MJ Companies were utilizing capitalist wealth to money MCAs and that their wealth was unafraid were lies.”
“The SEC has alleged successful this peculiar lawsuit is that portion making promises to investors to instrumentality wealth and invested and landed and get a ample complaint of return, alternatively they were simply utilizing the funds themselves oregon utilizing the caller funds to wage retired the aged funds and they were selling what the FCC believed it was a information without having the due licence and requirements and past their actions were the Friday for the archetypal and the caller investors,” said Attorney Dave Weinstein, who is not connected to the case.
But successful a Change.org petition, astir 2,000 radical came retired successful enactment of Garcia, saying they invested and got each their payments connected time.
The company’s assets person been frozen and they are scheduled to beryllium successful tribunal to support these civilian complaint successful aboriginal September.