Puerto Rican accused of running $7m ponzi scheme
Federal authorities say a Puerto Rican man stole $2.3 million from investors in a Ponzi scheme targeted at factory workers and evangelical Christians.
Ricardo Bonilla Rojas is accused of raising $7 million from as many as 200 investors between August 2005 and February 2009. More were in Puerto Rico and others in Florida, New York and North Carolina.
The Securities and Exchange Commission said that Bonilla marketed his Shadai Yire company in conversations with factory workers and presentations to Christian groups and promised returns of up to 50 percent.