Investors should seek damages after Harbor City Corp. owner recommended investments that were unsuitable.
The SEC announced on April 26th that it had filed an emergency action and obtained a temporary restraining order and an asset freeze against Florida resident Jonathan P. Maroney and several entities he controls. The SEC alleged that Maroney was operating a Ponzi scheme and misappropriating client funds.
The SEC’s complaint alleged that since May 2015, Maroney and his companies have raised over $17.1 million from over 100 investors through a series of fraudulent securities offerings. Investors were reportedly told that the funds would be used to finance Maroney’s online “customer lead generation campaigns,” and were guaranteed annual returns ranging from 10% to 60% from the resale of leads to other businesses.
Instead, Maroney allegedly misappropriated at least $4.48 million in investor funds to enrich himself and his family. Maroney is accused of using the misappropriated funds to purchase and maintain a waterfront home and a Mercedes Benz and to pay off extensive credit card debt. Maroney is also accused of using investor funds to make payments to other entities unrelated to the purpose of the offerings and using the funds to make monthly interest payments and other payments to investors in a Ponzi-like fashion.
The SEC’s complaint charges the defendants with violating the antifraud and registration provisions of federal securities laws. The SEC is also seeking a preliminary and permanent injunction, disgorgement of ill-gotten gains, disgorgement, prejudgment interest, and a civil penalty from each of the defendants. Maroney’s wife, Tonya Maroney, is also named as a defendant by the SEC.
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The Sonn Law Group is currently investigating allegations surrounding Jonathan P. Maroney. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.