Carlsbad Man Charged with Taking Millions from Investors in Ponzi Scheme

Federal courthouse
Federal courthouse in downtown San Diego. Photo by Chris Stone

A Carlsbad man has been charged with taking millions of dollars from investors in what federal prosecutors say was a Ponzi scheme.

Richard Lee Ramirez, 53, was indicted by a grand jury for allegedly taking money investors gave him for his company JMJ Capital Group and spending it on personal items such as ‚Äúluxury cars, travel, potential real-estate transactions‚ÄĚ and more.

He also allegedly used investor money to pay back other investors, typical of a Ponzi scheme.

The U.S. Attorney’s Office said Ramirez told dozens of investors that JMJ was involved in a variety of business ventures, including buying and reselling personal protective equipment, factoring accounts receivable, importing and selling furniture and refurbishing air conditioning units for cruise ships.

He allegedly told victims that their investments would yield…

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