National investment loss and securities lawyers KlaymanToskes reports that the Securities and Exchange Commission (“SEC”) has charged Maria Dulce Pino Dickerson, and her companies Creative Legal Fundings and The Ubiquity Group LLC, with operating a multimillion-dollar Ponzi scheme. The SEC’s complaint alleges that Dickerson defrauded more than 130 investors out of approximately $7 million by targeting the Filipino-American community across the United States through fraudulent securities offerings.
According to the SEC’s complaint, from March 2021 through May 2023, Dickerson falsely promised investors that their money would be used to make loans to personal injury attorneys, who would then share a portion of any settlements or recoveries with Creative Legal Fundings. Dickerson allegedly enticed investors with guarantees of high returns ranging from 10% to 17.5% per month. Contrary to these representations, the SEC found that Creative Legal Fundings did not make any loans or conduct any legitimate business activities. Instead, Dickerson is alleged to have used at least $2.5 million of investor funds for personal expenses, including real estate purchases, gambling, travel, and luxury goods. The complaint further alleges that Dickerson used funds from new investors to make Ponzi-like payments to earlier investors, maintaining the illusion of profitability.
If you suffered losses due to a brokerage firm or financial advisor’s recommendation to invest in Creative Legal Fundings or The Ubiquity Group, or believe you have been a victim of broker/financial advisor misconduct, contact KlaymanToskes at 888-997-9956 or by email at investigations@klaymantoskes.com for a free and confidential consultation to discuss potential recovery options.
The SEC filed its complaint in the U.S. District Court for the Eastern District of California, charging Dickerson, Creative Legal Fundings, and The Ubiquity Group with violating the antifraud and registration provisions of the federal securities laws. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, civil penalties, and an officer-and-director bar against Dickerson.
The SEC’s complaint further alleges that after depleting the funds of Creative Legal Fundings’ investors by May 2023, Dickerson closed the company and attempted to raise additional funds through The Ubiquity Group using similar deceptive practices.
If you suffered losses due to an unsuitable recommendation to invest in Creative Legal Fundings or have concerns about potential misrepresentations of your investments, you may be entitled to recover your losses. Contact KlaymanToskes at 888-997-9956 or by email at investigations@klaymantoskes.com for a free and confidential consultation to discuss your potential recovery options. We do not collect attorneys’ fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm specializing in securities arbitration and litigation on behalf of retail and institutional investors. The firm has recovered over $600 million for clients in FINRA arbitrations and other securities litigation matters. With offices in California, Florida, New York, and Puerto Rico, KlaymanToskes is committed to helping investors recover their losses and hold brokerage firms accountable for their actions.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
investigations@klaymantoskes.com
www.klaymantoskes.com
Some of the information in this post was sourced from public SEC records, as of September 4, 2024. If you believe any information has been reported incorrectly, please contact our firm at 1-888-997-9956.