Archives For religious scheme

The Securities and Exchange Commission filed a civil fraud lawsuit and obtained an asset freeze to halt an ongoing real estate investment scheme being conducted by a trio of business associates in California accused of stealing investors’ money while promising them “indestructible wealth.”

The SEC alleges that Paul Ricky Mata, David Kayatta, and Mario Pincheira stole investor proceeds for their own use and diverted money to unrelated businesses.  They raised more than $14 million from more than 100 investors in California and several other states for two unregistered funds purporting to invest in real estate.  Online videos posted to Mata’s website and YouTube channel helped attract investors to attend investment seminars with such titles as “Finances God’s Way” or “Indestructible Wealth” where they encouraged many retirees to sell their existing securities holdings and invest in the funds, which falsely guaranteed promising returns.  The funds have never actually made a profit. Continue Reading…