Cash-flow podcaster made off with millions in Ponzi scheme, SEC alleges
Summary
An Ohio podcast host ran an $11 million Ponzi scheme that defrauded more than 50 investors with false claims of helping them become a "real estate investing badass," the U.S. Securities and Exchange Commission alleged Monday. In a 29-page complaint, the SEC laid out how Motil issued "promissory notes" fully collateralized by property across Ohio to dozens of investors. Motil targeted a wide array of investors, from a cancer researcher to an active-duty U.S. armed forces officer, the complaint alleged. Motil also forged signatures and misused a notarys seal to continue his fraud, the SEC alleged, which is a crime in Ohio. Earlier this year, the Federal Trade Commission leveled civil charges against an Amazon e-commerce "automation" company that defrauded investors out of millions.
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