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ThaiMIAMI, Aug. 16, 2021 /PRNewswire/ — In a recently filed enforcement lawsuit, the Securities and Exchange Commission (“SEC”) alleges that Johanna M. Garcia, through her South Florida-based companies, MJ Capital Funding, LLC and MJ Taxes and More, Inc. (“MJ Capital”), perpetrated a $70 to $120 million Ponzi Scheme against more than 2,000 unwitting investors.
The SEC alleges that Garcia raised tens of millions of dollars from ordinary investors, including police officers, firefighters, nurses and doctors, in a fraudulent securities offering. Garcia allegedly told investors that their money would be used to fund small business loans called “merchant chase advances,” and that investors would be repaid at rates of 120% to 180% from the small business borrowers’ loan repayments.
In reality, the SEC alleges, Garcia was operating a classic Ponzi scheme, paying old investors with new investors’ money. Less than $3 million of the tens of millions of…
