Evangelical Christians Targeted in $2.3 Million Ponzi Scheme
One man has been accused of defrauding investors of more than $2.3 million through a Ponzi scheme which targeted unsuspecting factory workers and evangelical Christians, federal authorities said.The Securities and Exchange Commission have found Ricardo Bonilla Rojas, from Puerto Rico, raised $7 million from as many as 200 investors. The SEC stated the majority of them live in Puerto Rico and others in Florida, New York and North Carolina. (Read full complaint here.)
The alleged scheme is one of the largest uncovered in the U.S. territory, said Eric Bustillo, director of the SEC's Miami regional office.
The SEC said Bonilla marketed his company as Shadai Yire which targeted factory workers and evangelical Christian groups and promised returns of up to 50 percent.
"In reality, he was fleecing the flock," Bustillo said.
Last week, Bonilla pleaded not guilty, released on $130,000 bail and ordered to home confinement.
He is accused of stealing $700,000 for himself while running the alleged scheme from August 2005 to February 2009. Other funds were paid to people who promoted his company. In the complaint, the SEC said Bonilla, 53, never registered with the commission and that he marketed his company as an international enterprise involved in global private investments.
U.S. Attorney Rosa Emilia Rodriguez said that Bonilla solicited money supposedly for the purchase and sale of commodities including crude oil, grains, woods and metals from China and countries in Europe and South America.Source
