SEC: BNZ One Capital, LLC, Brett Barber, Louis Zimmerle Charged With Fraud

SEC Charges Newport Beach Company and Its Principals with Operating a $13.5 Million Ponzi-Like Scheme.

The SEC sued BNZ, a Newport Beach, California-based company, and its co-founders and co-managers Brett Barber and Louis Zimmerle with defrauding over 100 retail investors of $13.5 million.

The SEC alleges that since June 2019, BNZ, Barber, and Zimmerle have raised $13.5 million from retail investors by telling them BNZ was in the business of investing in real estate and alternative assets and guaranteeing them high returns, often 10% per year.

The defendants allegedly invested approximately $6.4 million of the $13.5 million collected from investors in real estate and alternative ventures, netting only $300,000.

The defendants allegedly paid investors at least $1.7 million in returns using monies acquired from other investors in a Ponzi-like scheme, and transferred over $1.6 million to Barber via his company, Guaranteed Income Solutions Inc., and over $700,000 to Zimmerle.

The defendants allegedly misled investors about the source of investor returns, among other things.

Barber allegedly deceived investors by hyping his finance degree and investment experience without disclosing that he was forbidden from affiliating with any member firm by the Financial Industry Regulatory Authority.

Don’t forget to follow the blog to get the latest in SEC news. And remember, be safe out there!

from SEC.gov Updates: Litigation Releases https://ift.tt/3CsLlEL
via IFTTT

Leave a comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: