Matthew Motil, whose podcast was titled 'Cash Flow King,' was sued Monday by the U.S. Securities and Exchange Commission. The agency accused him of running an $11 million Ponzi scheme.
The U.S Securities and Exchange Commission on Monday filed a lawsuit against Matthew Motil of North Olmsted.CLEVELAND, Ohio — A North Olmsted house-flipper who called himself “The Cash Flow King” is accused in a lawsuit of running an $11 million Ponzi scheme that ripped off dozens of investors.
He marketed himself to investors on his website and on Facebook and LinkedIn, as well as on a website called biggerpockets.com. Motil told people that he helped hundreds of investors worldwide create “massive wealth through real estate,” according to the lawsuit. He posted 147 episodes of the podcast, according to the lawsuit. During one episode highlighted in the lawsuit, Motil talked about the “huge level of responsibility” that comes with accepting money from investors, the lawsuit said.SEC officials said the scheme worked like this: Motil promised investors short-term, low-risk and high-return promissory notes using collateral from houses he bought around Cuyahoga County, including several in Cleveland and one in Parma.
He never filed deeds with the county showing the investors owned any of the homes, according to the lawsuit.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Be a real estate badass!': Podcaster was running an $11-million Ponzi scheme, the SEC saysThe host of “The Cash Flow King” podcast is accused of using investor money for a lakeside mansion, NBA courtside tickets and $14,000 worth of pizza
Read more »
The Winter King Has A Massive King Arthur Problem To Fix For Season 2Winter King season 2 must fix this Arthur problem.
Read more »
Richmond woman charged in international, million-dollar Ponzi schemeA Richmond woman has been indicted and charged with several crimes of fraud after she allegedly defrauded investors in the U.S. and Oceania, officials said Tuesday.
Read more »
Pedestrian killed on SF street where traffic flow highly debatedA pedestrian was killed on SF's Valencia Street on Wednesday by a left-turning driver,...
Read more »
'Repercussions' are essential for slowing immigration flow, Texas Democrat says'You’ve got to deport people and you’ve got to show images of people being deported,' Rep Henry Cuellar said.
Read more »
The Stable Ground That's Always HereA Personal Perspective: Discovering the flow of experiencing.
Read more »