Paul Ricky Mata, David Kayatta and Mario Pincheira are on the receiving end of civil fraud charges by the Securities and Exchange Commission (SEC), which accuses the men of diverting money given to them for investments for their own personal use and for unrelated business ventures. The SEC has obtained an asset freeze and a preliminary injunction against the trio as part of its action.
In a separate action, the California Department of Business Oversight filed a $20 million securities lawsuit in state courts.
The SEC claims that Paul Mata ran the scam through his companies Secured Capital Investments, Logos Wealth Advisors, Lifetime Enterprises and Logos Real Estate Holdings. Solicitations by Mata, Kayata and Pincheira are alleged to have raised $14 million for two unregistered real estate funds by posting videos to YouTube channel with titles such as “Finances God’s Way” and “Indestructible Wealth.”
Mata, previously a financial advisor for Ameriprise Financial, has an “extensive disciplinary history,” according to the SEC.
Read the original article in Financial Advisor Magazine.