The Securities and Exchange Commission (SEC) halted a Ponzi scheme perpetrated by a Colorado man defrauding investors including cadets at the U.S. Air Force Academy.
On Monday, the SEC filed charges against Milton J. Dosal, Jr., a car enthu
siast who raised almost $98,000 from approximately 41 investors over a two-year period. The defendant allegedly lured investors to his Ponzi scheme by promising that he would day-stocks for them.
Dosal allegedly used most of investors funds for personal expenses and make Ponzi payments
In the complaint, the federal securities regulator alleged that the defendant met a number of investors through car events including an Air Force Academy cadet. He then used the cadet to meet others and convinced to invest.
The SEC alleged that Dosal falsely presented himself as a stockbroker but he never had any license and he executed fake stock brokerage agreements with some of the investors. He also lied to investors about his trading activity and their investment returns.
