Podcaster's Ponzi Scheme: Millions Vanished, SEC Claims

The U.S. Securities and Exchange Commission (SEC) has accused an Ohio podcast host, Matt Motil, of running an $11 million Ponzi scheme that defrauded over 50 investors. Motil, who presented himself as the "Cash Flow King," promised to teach investors how to succeed in real estate investing but allegedly used false claims and forged documents to deceive them. The SEC alleges that Motil issued "promissory notes" collateralized by property, misleading investors about their seniority. He targeted a diverse range of investors and profited from the scheme with his wife. Motil filed for bankruptcy but has evaded the SEC's subpoenas. This case highlights the increased scrutiny of smaller-scale scammers by federal regulators.