Fake High-Yield Investment Schemes Raised $26 Million, SEC Says

The Securities and Exchange Commission accused eight defendants of involvement in fraudulent investment schemes that raised over $26 million promising high returns with little risk.

Giorgio Johnson and Gary Mills operated Reign Financial International, which helped facilitate three fake high-yield investment programs between March 2021 and October 2022, according to the complaint filed Thursday in the US District Court for the Southern District of Florida. Patrick Allen allegedly administered the first two programs through his companies Compass Fuel & Oil and PBL & 5Js Holdings, while Reign ran the third program directly. Investment advisers Jeremiah Beguesse and Fabian Stone, who ...