SEC Prosecutions

SEC Prosecutions

Sanctions Nearing $200 Million in Massive Ponzi Scheme Case

SEC v. Charles R. Homa, Michael Gause, et al.

  • $193.3 Million

Defendants Gause and Homa stood at the top of a multi-layered marketing scheme that sold notes and bonds as part of a massive Ponzi scheme estimated to have raised as much as $300 million since its inception. Investors were lured by false claims that their money would be used to fund loans to companies engaged in the car title loan industry and the payday loan industry. However, only a small fraction of the money was used for its intended purpose, with most used for Ponzi payments or misappropriated for personal use.

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