The Securities and Exchange Commission has brought charges against Paul Ricky Mata, David Kayatta, and Mario Pincheira, three business associates believed to be involved in real estate investment schemes. The men were allegedly stealing money from their investors without making the promised investments. SEC’s complaint states that the men made a $14 million profit from over 100 investors.
The SEC filed a complaint on September 2nd under seal. The complaint was unsealed September 9th in federal court in Riverside County, California. According to the report, Mata, Kayatta, and Pincheira are accused of luring investors into placing their money into real estate investment funds that did not actually turn out any profits. The three mean supposedly used the money for their own use or for their businesses that did not relate to the investments.
The three business associates allegedly advertised seminars, such as “Finances God’s Way” and “Indestructible Wealth,” through online videos, primarily by posting them to Mata’s YouTube channel. They allegedly targeted retirees and convinced them to sell their existing securities holdings and place those assets into their funds. According to SEC’s charges, Mata’s website was promoting “Indestructible Wealth Bootcamp,” a three-day seminar in Los Angeles that was supposed to take place in October. The courts have given the SEC permission to freeze assets and start a preliminary injunction against the three associates to bar them from supposedly scamming any future investors.
The SEC is looking to bring charges against Mata, Kayatta, and Pincheira for their supposed fraud. They want to stop the alleged illicit activities and have the men pay financial retribution.