The Securities and Exchange Commission (SEC) has filed an emergency action and obtained a temporary restraining order, an asset freeze, and the appointment of a receiver to stop an alleged Ponzi scheme and misappropriation of investor proceeds perpetrated by Coral Springs, Florida resident Johanna M. Garcia and two entities she controls.

According to the SEC’s complaint, filed in federal court in the Southern District of Florida, over the past year Garcia and her companies raised at least $70 million from more than 2,150 investors in a fraudulent securities offering. The complaint alleges Garcia, and companies MJ Capital Funding LLC and MJ Taxes and More Inc. told investors that offering proceeds would be used to fund merchant cash advances to small businesses and promised investors annual returns of 120-180 per cent.

The reality was quite different. Garcia and her companies only made, at most, $2.9 million in loans and…

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