Paul Ricky Mata, of Rancho Cucamonga, California, was barred by the Securities and Exchange Commission (SEC) from working as an investment advisor or broker, or associating with brokerage firms selling customers’ securities or advising customers, according to an SEC Order enjoining Mata’s future acts of fraud in violation of Securities Exchange Act of 1934 Section 10(b), Rule 10b-5, Securities Act of 1933 Section 5 and 17(a), and Advisers Act Section 206(1) and 206(2). Securities Exchange Commission v. Paul Mata, et al., Civil Action Number 5:15-cv-01792 (Aug. 31, 2016).
According to the SEC Order, Mata’s activities giving rise to the SEC Action occurred while Mata was registered with Logos Lifetime University, Logos Wealth Advisors, Ameriprise Financial Services, Inc., Logos Real Estate Holdings, LLC, and Secured Capital Investments, LLC.
Previously, on April 15, 2016, The State of California barred Mata from control or management, or any position associated with a broker-dealer or a commodity adviser, according to an Order which contained findings that Mata misused funds belonging to customers. People of the State of California v. Paul R. Mata et al., Civil Case No. CIVDS1512999 (Apr. 15, 2016). According to the Order, nearly one-hundred investors contributed an estimated $14,000,000.00 In monies in securities which Mata had offered and sold them.
Apparently, the funds were utilized from investors within California, as well as other states, and resulted in Mata’s misappropriation of the customers’ assets, and omissions and misrepresentations concerning the securities. Particularly, from 2007 through 2015, apparently seven of the entities involved in the use of customer funds had been controlled and managed by Mata, where Mata would utilize customers’ funds in order to pay for his personal expenses as well as personal expenses of defendants Mario Pincheira and Francis Kayatta. The Order indicated that the funds were additionally utilized by Mata for purposes of starting up and expanding businesses which he held.
FINRA Public Disclosure reveals that Mata has been identified in eight customer arbitrations. Specifically, on April 27, 2009, a customer initiated investment related arbitration action involving Mata’s conduct was settled for $215,000.00 in damages based upon allegations that Mata made unsuitable investment recommendations concerning a customer’s $1,749,000.00 investment in a bond fund, which caused the customer to lose an estimated $1,000,000.00 in principal.
Additionally, on May 27, 2010, another customer filed an investment related arbitration claim concerning Mata’s conduct, in which the customer requested $1,000,000.00 in damages based upon allegations that Mata obtained monies from the customer’s account, and did not invest the customer’s money as instructed. The customers alleged that Mata converted the customer’s funds, breached his contractual obligations, and defrauded the customer.
On July 1, 2016, additional customers brought an investment related arbitration claim against Mata, in which the customers requested $879,094.13 in damages based upon allegations that Mata had not provided customers a return of their principal as agreed upon pursuant to the customers’ investment in Renaissance Management, LLC, and Secured Investments LLC.
Guiliano Law Group
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