Florida Man Used Ponzi Scheme Profits to Buy Mercedes, SEC Says

Harbor City Capital Corp. and founder Jonathan P. Maroney raised more than $17.1 million through a series of fraudulent, unregistered securities offerings, the SEC says in filings in a federal court in Florida.

Maroney and his company misappropriated about $4.48 million, distributed at least $6.5 million to earlier investors, and at most used just $449,000 for Harbor City business expenses, according to a Securities and Exchange Commission complaint filed in the U.S. District Court for the Middle District of Florida.

Harbor City and Maroney solicited investors for Harbor City Ventures LLC and five special purpose entities, also named as defendants ...