Personal Enrichment
Beyond the Ponzi-like investor payments, the SEC alleges Lopez and Mehr misappropriated approximately $16.1 million for personal use—$12.5 million to Lopez and $3.6 million to Mehr.
Much of Lopez’s alleged misappropriation flowed through TAL Promotions LLC, a company he wholly owned that had no affiliation with REV or its portfolio companies and provided no services to either. The funds were transferred for “no apparent business purpose,” according to the complaint.
Fabricated Credentials
The defendants also allegedly misled investors about the experience of key personnel. REV’s public website, controlled by Lopez and Mehr, described Burkenroad—Lopez’s cousin—as having “over 10 years of experience managing multi-million-dollar companies.”
In reality, before joining REV as President and COO, Burkenroad had worked as a substitute preschool teacher, a radio station promoter, and an assistant to Lopez in his online education company. The SEC alleges she had “no identifiable experience managing any company.”
