HomeLife InsuranceSEC: ‘Money Drift King’ Host Ran $11M Ponzi Scheme

SEC: ‘Money Drift King’ Host Ran $11M Ponzi Scheme

The Securities and Trade Fee on Monday charged the host of the podcast “The Money Drift King” with fraudulently elevating about $11 million from over 50 buyers in a Ponzi scheme involving notes that have been purportedly subsidized by means of residential houses.

In line with the SEC’s grievance, Matthew Motil, of North Olmsted, Ohio, defrauded buyers by means of promising them low-risk, high-return promissory notes purportedly collateralized by means of first mortgages on houses during Ohio.

Why it issues: Retirees are at explicit threat of seeing their existence financial savings and retirement accounts burnt up by means of scams.

Motil promoted the investments on his site, inviting attainable buyers to “be an actual property making an investment badass!” On his podcast, he promised buyers that the investments he presented have been protected and subsidized by means of a “first lien place” at the underlying actual property belongings, the grievance mentioned.

What to grasp: Motil instructed buyers he would pay returns on their investments from income made by means of renovating, reselling, refinancing and renting the houses.

The grievance alleges, then again, that Motil didn’t truly protected first lien positions for the buyers as promised and he incessantly offered more than one promissory notes he claimed have been secured by means of the similar belongings to more than one buyers.



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