The Securities and Exchange Commission said over the weekend it filed a criminal complaint against the MFT Group with the Department of Justice for alleged unauthorized solicitation of investments.
The SEC also implicated in the complaint Isla Lipana & Co., which served as the independent auditor of the MFT Group for the fiscal years 2018 to 2021. The SEC said the criminal case stemmed from complaints submitted by several investors who participated in the alleged investment scheme of the MFT Group, which later transitioned to Foundry Ventures.The MFT Group allegedly promised guaranteed returns ranging from 12 percent to 18 percent of the amount they invested, which was considered as interest income. The scheme was continued through the issuance of post-dated checks reflecting a 1-percent to 1.