Securities regulators say Matthew Motil of Ohio defrauded more than 50 people in a real estate investing scam.
podcaster Matthew Motil in connection with an $11 million Ponzi scheme that allegedly defrauded more than 50 people.
In a complaint filed against Motil, the SEC said Motil made $3.7 million in Ponzi payments, spent $1.6 million in investor money on personal items and diverted more than $900,000 to other businesses. The complaint also said he spent tens of thousands of dollars on items from Best Buy, iTunes, Starbucks and on student loan repayments.
Motil told all of these investors they were getting first lien mortgages, meaning they would be the first people repaid after he sold the property, according to the SEC.
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