A Florida sales agent agreed to pay a $150,000 civil penalty to resolve an SEC lawsuit alleging he sold unregistered securities and operated as an unlicensed broker while helping raise more than $25 million for companies running a Ponzi scheme.
Joel Castellanos worked as a board member for MJ Capital Funding LLC and led a team of 42 sales agents who solicited investors nationwide from June 2020 to August 2021, according to the Securities and Exchange Commission’s complaint Monday in the US District Court for the Southern District of Florida.
MJ Capital and its affiliate promised investors annual returns of ...
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