Matthew Motil, the host of the podcast “The Money Stream King” has been charged with perpetrating an $11 million fraudulent actual property funding rip-off, the US Securities and Trade Fee (SEC) introduced in a information launch.
The SEC criticism alleges Motil defrauded buyers with guarantees of “low-risk, high-return promissory notes purportedly collateralized by first mortgages on houses positioned all through Ohio.” Motil promoted the investments on his web site and on his podcast, the place he assured the investments he was providing had been secure and backed by a “first lien place” on the underlying actual property belongings, it was said.
Motil informed buyers they might be paid returns on investments from earnings gained from renovating, reselling, refinancing, and renting the properties, it was said. Nevertheless, in response to the criticism, he didn’t safe first lien positions for the buyers and frequently despatched out promissory notes to a number of buyers he claimed to be secured by the identical property. He allegedly used the funds to make Ponzi funds to earlier buyers and spent some on courtside NBA tickets, a lakefront mansion rental, and different private bills, together with bank card fees, repaying scholar loans, and money withdrawals.
