Mexican Businessman On Trial For Running Ponzi Scheme

L.P. Phillips
November 27, 2018 - 12:54 pm
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DALLAS (1080 KRLD) - A Mexican businessman is on trial in Dallas for an alleged ponzi scheme that the State of Texas says cost investors hundreds of thousands of dollars.

Prosecutors say Juan Miguel Lopez cheated people out of money with an investment scheme that was destined to fail from the start.

Prosecutors say Lopez used his various companies called 'Mito' to convince investors they would get monthly returns that were never sustainable, returns in the area of 3 to 8-percent. It was all a ponzi scheme, they say, investments that depended on other investors to work.

Court records say Lopez went to numerous pawn shops trying to get money to cover his losses.

Around 20 investors are named with losesses of at least $300,000.

Prosecutors have combined charges of securities fraud, theft and money laundering into one trial.