SEC v. Reign Financial International, LLC, et al.

Reign Financial International, LLC, Reign Financial International, Inc., Giorgio Johnson, Gary Mills, Patrick Allen, Berone Capital, LLC, Jeremiah Beguesse, and Fabian Stone appear to have been involved in an alleged fraudulent investment scheme involving three purported high-yield investment programs (HYIPs) that raised over $26 million from at least 31 investors. The complaint alleges that the HYIPs did not exist, many investors lost their principal, and no investors received any profits. It also alleges Allen, Reign, Johnson, and Mills misappropriated some investor funds. Furthermore, Berone, Beguesse, and Stone allegedly violated their fiduciary duties and the terms of governing documents by misappropriating fund assets for personal use and benefit.

Summary generated from official Securities and Exchange Commission press release