A recent file by the US Securities and Exchange Commission is against three people who allegedly raised millions of dollars from more than 1,000 victims.
“From 2017 to May 2019, Jali, Frimpong and Johnson fraudulently raised more than $ 27 million from approximately 1,200 investors, directly and through two companies formed to run the program, Smart Partners and 1st Million (the ‘Companies’) . many of them African immigrants “, confirms the Procedure legal deadline August 28th.
The allegations allege that the three people used their influence in churches and health care facilities to exploit the similarities and beliefs of those around them for financial gain. Johnson claimed to be a minister while Jali was reportedly a pastor in seven churches, as stated in the legal document. The defendants led investors to believe that they would benefit from cryptocurrencies and foreign exchange (forex trading) and allegedly came out as experts who promised to return the originally invested capital within a year.
The record says so The defendants spent the money on themselves instead of using it as claimed.
“From 2017 to May 2019, the defendants offered and sold contracts with the companies to investors in Maryland and various states, including Georgia, Florida and Texas, in which, among other things, they had falsely promised to generate profits for investors by trading with them Currencies and cryptocurrencies “, the record says.
The document says A minimum investment of USD 5,000 as a common requirement that promises a profit of between 6% and 42% per month or fiscal quarter. The defendants allegedly paid some of the early investors on certain occasions to avoid suspicion.