Florida woman Johanna Garcia was sentenced to twenty years in prison for orchestrating a Ponzi scheme through MJ Capital Funding, which defrauded investors of nearly $200 million. Prosecutors revealed that Garcia falsely promised annual returns of 120% from loans her company never fully executed, instead operating a Ponzi scheme that caused investor losses of $90 million. Judge Jose Martinez also ordered three years of supervised release, restitution to be determined in March, and a $100 special assessment. Garcia reportedly continued fraudulent activity even after her 2023 arrest, according to prosecutors.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Florida woman Johanna Garcia was sentenced to 20 years in prison for orchestrating a Ponzi scheme
00:08through MJ Capital Funding, which defrauded investors of nearly $200 million. Prosecutors
00:14revealed that Garcia falsely promised annual returns of 120% from loans her company never
00:19fully executed, instead of operating a Ponzi scheme that accused and caused investors' losses
00:25of $90 million. Judge Jose Martinez also ordered three years of supervised release,
00:31restitution to be determined in March, and a $100 special assessment. Garcia reportedly
00:36continued fraudulent activity even after her 2023 arrest, according to prosecutors.