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.
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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.
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