Florida
The Securities and Exchange Commission accusing Johanna Garcia of running Ponzi scheme
By 
Reporter
Miami, Florida – A Broward County woman who owns MJ Capital Funding, is being investigated by the Securities and Exchange Commission.
The SEC is accusing Johanna Garcia of runny a Ponzi scheme.
MJ Capital Funding convinced more than 2,000 people to invest thousands of dollars and in exchange, they would get back typically 120% for six-month investments, according to court documents.
According to the company’s website, that money would be used to fund small business loans.
In fact, line 18 of the complaint says, “The representations that the MJ Companies were using investor money to fund MCAs and that their money was secure were lies.”
“The SEC has alleged in this particular instance is that while making promises to investors to make the money and invested and landed and get a large rate of return, instead they were simply using the funds themselves or using the new funds to pay out the old funds and they were selling what the FCC believed it was a security without having the proper license and requirements and then their actions were the Friday for the original and the new investors,” said Attorney Dave Weinstein, who is not connected to the case.
The company’s assets have been frozen and they are scheduled to be in court to defend this civil charge in September.
-
Local News6 months agoA huge financial relief is coming for Broward County schools teachers, principals, and educational support staff after unanimous vote results in salary hike
-
Florida6 months agoFlorida Senator Rick Scott’s renewed push for the Sunshine Protection Act aims to make Daylight Saving Time permanent, with backing from key House and Senate leaders, emphasizing health, benefits
-
Crime & Safety6 months agoOkechukwu Josiah Odunna of Nigeria arrested for masterminding a fraudulent real estate operation that deceived financial institutions in Florida, leading to significant losses
-
Crime & Safety6 months agoFederal jury convicts Florida man, Dustin Sean McCabe, of manslaughter and fraud after deadly boating accident and deceptive COVID relief claims that exposed reckless conduct and financial exploitation
-
Florida6 months agoComprehensive conservation strategy secures productive lands to ensure future generations continue Florida’s proud tradition of farming and ranching
-
Local News6 months agoSouth Florida artists urged to reimagine public spaces as Dania Beach launches Creative Visions initiative, seeking immersive art projects that engage the community and enhance everyday locations
-
Crime & Safety6 months agoFlorida’s fight against the fentanyl crisis intensifies as Attorney General Uthmeier’s office charges 33 in a sweeping, multi-jurisdictional drug trafficking bust
-
Florida6 months agoSenator Rick Scott’s legislation seeks to impose harsh consequences on universities for neglecting antisemitic harassment, ensuring Jewish students are protected under federal law in latest legislative push
Leave a Reply
You must be logged in to post a comment.