SEC Sues Alleged Broker Connected to Real Estate Ponzi Scheme » Scammer News


The U.S. Securities and Exchange Commission sued Robert Joseph Armijo and his company Joseph Financial Inc. Monday in California Southern District Court. The complaint contends that Armijo acted as an unregistered broker on behalf of investment funds managed by EquiAlt. EquiAlt was sued by the SEC in Feb. 2020 for allegedly running a real estate Ponzi scheme that raised $170 million from over 1,100 investors. Attorneys have not yet appeared for the defendants. The case is 3:21-cv-01107, Securities and Exchange Commission v. Armijo et al.

This suit was surfaced by Radar, a source for high-speed legal news and litigation updates personalized to your practice. Radar publishes daily updates on just-filed federal cases like this one. Click here to get started and be first to know about new suits in your region, practice area or client sector.

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