SEC Insists Fraud|Is not ‘God’s Way’

     (CN) – A securities dealer “with an extensive disciplinary history” stole lavishly from the $14 million he bilked from investors while promising them “Indestructible Wealth” through “God’s Way,” the SEC claims in court.
     Paul Ricky Mata of Upland, Calif. led the scam through his companies Logos Wealth Advisors, Lifetime Enterprises dba Lifetime University, Secured Capital Investments (SCI), and Logos Real Estate Holdings, the SEC says in its federal lawsuit.
     Logos is Greek for “word,” and occurs in the first sentence of the Gospel of John in the New Testament: “In the beginning was the word (logos).”
     Mata was assisted by co-defendants David Francis Kayatta of Claremont and Mario Pincheira of Alta Loma, both of California, the SEC says.
     Mata used to be a registered securities dealer.
     “Undeterred by his termination from Ameriprise Financial and disciplinary suspensions,” the SEC says, he formed the defendant businesses and took $14.5 million from more than 100 investor-suckers.
     He’s still doing it, too, the SEC says in the Sept. 2 lawsuit in Riverside, Calif. Federal Court, which was unsealed Wednesday, Sept. 9.
     “They have induced investors, many of them retirees, into selling their existing securities holdings and investing in the funds, using online videos, investment seminars promising ‘Indestructible Wealth,’ and presentations to church groups promising ‘Finances God’s Way.’ Mata, Kayatta, Wealth Advisors, and Lifetime University induced investors by falsely promising ‘guaranteed’ returns, misrepresenting SCI’s use of proceeds, and failing to disclose Mata’s disciplinary history and his control of SCI to his advisory clients,” according to the complaint.
     Nevada ordered Mata, Kayatta, SCI and Wealth Advisors to cease and desist soliciting investment in unregistered securities and acting as securities advisers in 2010; FINRA suspended Mata in 2011 and fined him $10,000; and California suspended him in 2014.
     “Despite his suspensions and the lapse of his licenses, Mata continues to serve as the adviser for Wealth Advisors’ clients,” the SEC says. “In addition, Mata founded Lifetime University, which also provides financial planning seminars and investment advisory services.”
     The 24-page lawsuit describes book juggling, misappropriation and personal spending of clients’ money. The SEC froze the defendants’ assets, and seeks disgorgement, restitution and penalties for five counts of securities fraud violations and one count of investment advisers law.
     A video advertisement for Mata’s Indestructible Wealth Bootcamp was still posted Thursday morning on the Internet. It’s scheduled for October.

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