SEC Sues Alleged Broker Linked To Real Estate Ponzi Scheme

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United States Securities and Exchange Commission filed a lawsuit Robert Joseph Armijo and his company Joseph Financial Inc. on Monday at the Southern District Court of California. The complaint alleges that Armijo acted as an unregistered broker on behalf of the investment funds managed by EquiAlt. In February 2020, the US Securities and Exchange Commission sued EquiAlt for allegedly launching a real estate Ponzi scheme that raised $ 170 million from more than 1,100 investors. Lawyers have not yet appeared for the defendants. Case 3: 21-CV-01107, Securities and Exchange Commission v. Armijo et al.

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