Investment Advisor Accused of Defrauding Church, Others in Ponzi Scheme
A Dallas investment advisor has been accused of defrauding investors, including her own church, out of $2.3 million, in a fraudulent Ponzi scheme.
Delsa U. Thomas, a former stockbroker, was charged by the Securities and Exchange Commission (“SEC”) with raising millions of dollars from investors in the United States and Canada through misrepresentations about the safety and potential returns of their investments.
Thomas told her victims she would invest their money in a variety of products, from a high-yield investment program to U.S. Treasury securities, according to the SEC. In fact, she either did not invest her customers’ money as promised, or immediately took loans on margin against their investments, without disclosing such loans to her victims, the SEC charged.
Thomas used the investors’ money to make Ponzi scheme payments to earlier investors, finance her lifestyle, support her relatives, and make a supposed “donation” to her church, according to the Commission’s Complaint. The donation, along with her credentials, induced the church to rely on her investment advice, according to the SEC.
Thomas has a history of lawsuits arising out of alleged investment-related misconduct. In an earlier lawsuit, she has been accused by eleven investors of putting their funds in an investment fund that was unsuitable and neglecting to oversee their investments.
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