Public court records and SEC announcements

Felon and Boca Raton Couple Linked to $56M Ponzi Scheme, $40M Siphoned, SEC Alleges

Aug 27, 2024, 03:24 PM

A felon helped oversee a Palm Beach County investment firm that allegedly ran a $56 million Ponzi scheme, according to the SEC. The scheme involved a Boca Raton couple, Mrs. Bingham and her husband Jean Joseph, who are accused of siphoning over $40 million from investors in a real estate fraud. The SEC alleges that the couple promised to purchase and renovate commercial and residential properties but instead diverted the majority of funds to speculative ventures. One of the brothers involved allegedly used investor proceeds to make payments for a $30 million condominium in Miami. A substantial portion of the funds reportedly came from investors' retirement savings.