The United States Securities and Exchange Commission (SEC) has charged podcast host Louis M. Meza, who called himself the “Cash Flow King,” with running an alleged $11 million Ponzi scheme.
Meza and his business partner defrauded more than 500 investors by falsely promising them an imminent return of up to double their initial investment from a “prime bank trading program,” the SEC said in a statement. In reality, no such trading program existed, and instead, Meza and his partner used new investor funds to repay earlier investors and enrich themselves.
Meza promoted investments in the scheme through numerous programs, including a podcast called “The Cash Flow King,” and had additional social media interactions with investors through his YouTube channel and website. The SEC alleges that Meza and his partner operated the scheme from 2016 to 2018.
The SEC is seeking disgorgement of ill-gotten gains, along with interest and penalties, and is also requesting a permanent injunction from future violations of securities laws.