SEC Charges 17 Individuals for Alleged $300 Million Ponzi Scheme Targeting Latino Community
SEC Charges 17 Individuals in $300M Ponzi Scheme Targeting Latino Community
The Securities and Exchange Commission (SEC) charged 17 individuals for their alleged roles in a $300 million Ponzi scheme that targeted predominantly Latino investors. The complaint, filed in federal court in Houston, Texas, follows the SEC’s emergency action in September 2022 that halted the company accused.
Defendants' Alleged Actions
- Gabriel and Dulce Ochoa continued soliciting investments even after the court order to stop the accused scheme.
- Gabriel Ochoa instructed investors to rescind complaints to the SEC.
- The complaint charged several individuals with violating securities and broker-registration provisions.
The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against each defendant. Two defendants have already agreed to settlements without admitting or denying the allegations.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.