by Admin Istrator | November 8, 2022 4:34 pm
On October 4, 2022, the Securities and Exchange Commission charged JMJ Capital and its chief executive officer, Richard Lee Ramirez, with fraudulently raising millions of dollars from investors in Southern California through a ponzi-like scheme. If you or someone you know lost money investing in JMJ Capital, please call our law office at 800-767-8040 or complete the form below for a free and confidential consultation regarding your recovery options.
Here is a summary of the main allegations contained in the SEC’s complaint:
A financial advisor named Steven Hirata (CRD # 1188927) is alleged to be involved in the marketing of JMJ Capital. On September 20, 2022, an investor filed a complaint alleging that Mr. Hirata recommended that they withdraw $1,400,000 from an account at PFS Investments in order to invest in the JMJ. The investor’s case was filed before the Financial Industry Regulatory Authority and is pending as of November 8, 2022. Mr. Hirata was not named in the Securities and Exchange Commission’s complaint against the defendants.
On May 31, 2022, Mr. Hirata was barred by the Financial Industry Regulatory Authority, or FINRA, because he refused to cooperate in an investigation related to this and other activity. On September 2, 2021, Steve Hirata was discharged from PFS Investments, also for his inappropriate involvement in outside investments.
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