SEC Files Complaint Against RAM Fund and Carter Bain Wealth
The SEC recently filed a complaint against RAM Fund, Carter Bain Wealth and Martin Ruiz. Here is a summary of the allegations:
- Ruiz induced investors to invest $10.6 million in RAM Fund based on promises that it would be used to acquire real estate.
- RAM did not use investor funds to purchase real estate. Instead, the SEC alleges that Ruiz misappropriated the funds on his lavish personal lifestyle.
- Ponzi-like payments were made to some investors and others were provided with false valuations concerning the RAM investments.