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SEC Files Charges Against Alleged Ponzi Scheme Operator in Florida

May 26, 2021 Blog

The U.S. Securities and Exchange Commission (SEC) recently filed charges against a Florida resident and related entities accused of perpetrating a multi-million-dollar Ponzi scheme. The SEC has also obtained a temporary restraining order and asset freeze in order to protect any investor funds that may still be available for recovery. While the SEC is taking legal action, investors who have lost money in the Ponzi scheme will need to engage a securities litigation law firm to help them recover their fraudulent losses.

Florida Resident Accused of Operating $17.1 Million Ponzi Scheme

According to the SEC, Jonathan P. Maroney is accused of orchestrating a $17.1 million Ponzi scheme over a six-year period:

“[S]ince about May 2015, Maroney and his companies raised at least $17.1 million from more than 100 investors in a series of fraudulent securities offerings. The complaint alleges that Maroney, his company Harbor City Capital Corp., and his various other entities told investors that offering proceeds would be used to finance the defendants’ online ‘customer lead generation campaigns,’  and promised investors annual returns ranging from 10% to 60% . . . .”

In reality, the SEC says, Maroney used investors’ funds to cover nearly $4.5 million in personal expenses and to make monthly “interest” payments and other payouts to previous investors. Maroney’s wife, Tonya Maroney, is also facing charges, as are Maroney’s companies, Harbor City Capital Corp. and Celtic Enterprises LLC.

We have seen somewhat of a resurgence in Ponzi scheme cases in recent years. While these schemes became far less common after the Bernie Madoff scandal, the SEC has pursued multiple cases against alleged Ponzi scheme operators as of late. Most notably, the SEC filed charges against multiple individuals and entities in February 2021 in relation to the alleged $1.7 billion Ponzi scheme perpetrated by GPB Capital. These schemes often leave investors facing substantial losses, and it is imperative for these investors to engage a securities litigation law firm as soon as possible.

Contact Zamansky LLC | A Securities Litigation Law Firm in the Heart of Wall Street

Zamansky LLC is a securities litigation law firm that exclusively represents investors. If you need to speak with a lawyer about recovering your fraudulent investment losses, you can call 212-742-1414 or get in touch with us online 24/7.