The host of “The Cash Flow King” podcast is accused of using investor money for a lakeside mansion, NBA courtside tickets and $14,000 worth of pizza
The host of an Ohio-based real estate podcast called “The Cash Flow King” is accused of running an $11-million Ponzi scheme and using investor money for a lakeside mansion, courtside NBA tickets and to pay his wife’s credit card bills.
An attorney who represented Motil in the bankruptcy proceeding said he was not involved and unaware of the SEC’s case against his former client. It wasn’t immediately clear if Motil had retained an attorney to represent him in the matter brought by the SEC. “Motil used podcasts and social media platforms to bolster his reputation as an investing expert while fraudulently targeting investors’ hard-earned retirement assets, including, in at least one instance, almost the full balance of an investor’s self-directed IRA,” said Mark Cave, of the SEC’s enforcement division.
In one case, he raised $1 million form a group of 20 investors on the same $47,000 house he had purchased in northern Ohio, the SEC said.
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