SEC v. Diana Mae Fernandez

Diana Mae Fernandez allegedly orchestrated a scheme in which she raised approximately $364000 from at least 20 investors through the fraudulent offer and sale of securities. According to the SEC, Fernandez touted the false narrative that she was a successful businesswoman with access to no-risk, short-term investments. The complaint also alleged that, instead of investing investor funds as promised, Fernandez used investor money to pay for her day-to-day living expenses and lavish hotel stays, fund numerous cash withdrawals, and make Ponzi-like payments to earlier investors.

Summary generated from official Securities and Exchange Commission press release