The SEC charged two California men, Jaswant “Jason” Gill and Javier Rios, along with their investment firm, JSG Capital Investments, with operating a Ponzi scheme as they purported to specialize in serving middle-class investors and securing exorbitant returns by investing in hot pre-IPO stocks. The SEC alleges that instead of using the firm’s purported proprietary trading models and investing in pre-IPO shares of well-known tech companies, as promised to investors, Gill and Rios personally pocketed at least $2.8 million in investor funds. They never actually invested in any pre-IPO shares and used money from new investors to pay supposed returns to earlier investors. They raised approximately $10 million by catering to average retail investors and promising them exclusive investment opportunities “previously only available to the one-percenters.” The SEC also obtained a court ordered asset-freeze against the defendants. SEC
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