A recent filing from the
United States Securities and Exchange Commission, or SEC, takes action
against three individuals for allegedly raising millions of dollars
against more than 1,000 victims. 

"From 2017 to May 2019, Jali,
Frimpong, and Johnson, directly and through two entities created to
perpetrate the scheme, Smart Partners and 1st Million (the 'Companies'),
fraudulently raised more than $27 million from approximately 1,200
investors, many of them African immigrants," an Aug. 28 legal filing states.  

The
allegations claim the three individuals used their influence in
churches and health care, preying on commonalities and beliefs of those
around them for financial gain. Johnson claimed to be a minister, while
Jali reportedly pastored at seven church locations, as noted in the
legal document. Leading investors to believe they would make profit on
crypto and Forex on their behalf, the accused parties allegedly claimed
themselves as experts, promising to give back initial invested capital
one year later. 

The filing states the defendants spent this money on themselves instead of using it as advertised. 

"From
2017 to May 2019, Defendants offered and sold to investors in Maryland
and several other states, including Georgia, Florida, and Texas, among
others, contracts with the Companies in which they falsely promised,
among other things, to generate profits for investors by trading Forex
and cryptocurrency," the filing sates.

The document notes a
$5,000 minimum investment as their common requirement, advertising gains
between 6% and 42% per month or financial quarter. The accused
allegedly paid out some of the earlier investors at times to ward off
suspicion. 

source link : https://cointelegraph.com/news/ministers-used-influence-to-pilfer-millions-in-alleged-ponzi-scheme