Matt Motil defrauded investors out of millions in an unsophisticated Ponzi scheme, the SEC alleged.
Motil filed for bankruptcy in March 2022 in Ohio but has evaded the SEC's administrative subpoenas since then, the regulator said. All the while, Motil relied on social media and his own website to advertise and entice other investors, the regulators said.
Motil and his wife, Amy, profited handsomely from the scheme, the SEC alleged. Motil claimed that the promissory notes would go toward renovating and reselling the properties, a practice commonly known as"flipping."which is a crime in Ohio . Motil attempted to file for bankruptcy in Ohio in an effort to discharge the money he owes his investors, but his case has been contested by the U.S. Trustee.
Federal regulators have stepped up their scrutiny of smaller-scale scammers who do significant financial harm to investors and the public. Earlier this year, the Federal Trade Commission leveled civil charges against an Amazon e-commerce"automation" company
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