The US Securities and Exchange Commission file recently took action against three people who allegedly raised millions of dollars against more than 1,000 victims.
“From 2017 to May 2019, Jali, Frimpong, and Johnson fraudulently held more than $ 27 million out of about $ 1,200 directly and through two companies, Smart Partners and the 1st Million (“ Companies ”), formed to operate the Investors Program. Many of them are African immigrants, he said in a dossier filed on August 28.
Allegations state that the three people used their influence in churches and healthcare to tap into the similarities and beliefs of those around them and to achieve financial gain. Johnson claimed to be a priest while Galle was a pastor at seven church sites, as mentioned in the legal document. The accused parties led investors to believe that they would be making profits from digital currencies and foreign currencies on their behalf and claimed to be experts and promised to return the capital originally invested a year later.
The file states that the defendants spent these funds on themselves instead of using it as announced.
From 2017 to May 2019, the defendants offered contracts with the companies and sold them to investors in Maryland and several other states, including Georgia, Florida and Texas, where they falsely promised, among other things, to reap profits for investors by trading with foreign currencies and currencies. Encoded “rack saturated.”
The document provides for a minimum investment of $ 5,000 as a joint requirement, and ad earnings between 6% and 42% per month or quarter. The defendant is said to have temporarily repaid some of the former investors in order to ward off suspicion.