Additionally, the SEC alleged that the defendants allegedly used unwitting existing investors as agents to vouch for their fraudulent offering or Ponzi scheme.
Furthermore, the defendants allegedly diverted investor fund for personal use and to make Ponzi payments to earlier investors.
In May 2019, the defendants’ Ponzi scheme collapsed and Jali fled to South Africa.
The SEC charged the defendants with violating the antifraud provisions of the federal securities laws. It is seeking permanent injunctive relief, the return of allegedly ill-gotten gains with prejudgment interest, and civil penalties. The SEC also named Access2Assets as a relief defendant, seeking the return of proceeds of the alleged fraud to which it had no legitimate claim.
In a statement, SEC Philadelphia Regional Officer Director Kelly Gibson said, “As alleged in our complaint, the defendants exploited religious affiliations and cultural affinities to gain investors’ trust. We encourage all investors to be on high alert whenever they are offered investments promising low risk and guaranteed returns, including from members of a trusted community.”
