SEC nears settlement with accused scammer Tai Lopez
The Securities and Exchange Commission is closing in on an agreement with prominent social media influencer Taino “Tai” Lopez in a civil enforcement fraud case.
In a status report to the U.S. District Court for the District of Southern Florida, the SEC said the parties “have finalized a significant portion of the key elements which Lopez would be willing to sign a Consent to the entry of proposed final judgment.”
Federal authorities have charged the leadership of Retail Ecommerce Ventures with orchestrating a massive fraudulent securities scheme that allegedly raised more than $230 million from 660 investors nationwide.
The defendants used REV to buy up retail names on cheap terms, the SEC alleged. The partners bought RadioShack, Pier 1 Imports, Dressbarn, Modell’s Sporting Goods and Linens ‘N Things, with an eye on turning them into online sellers.
Lopez famously touted the approach in online promotional videos as “one of the best strategies you can invest in.”
“The Parties are working towards finalizing all of the key terms, but one issue remains,” the June 30 status update reads. “The Parties believe they will be able to resolve this last remaining issue and undersigned counsel for the Commission will then be able to present a Consent to final judgment to Lopez.”
The SEC named Lopez and co-defendants Alexander F. Mehr and Maya R. Burkenroad in the civil suit filed earlier this year. Negotiations with Mehr and Burkenroad yielded agreement “on all the core terms,” the SEC said in the update.
Fraudulent offerings alleged
The SEC alleges that of the $230 million raised, approximately $112 million was sourced through fraudulent offerings across eight specific REV “Retailer Brands.”
The defendants allegedly lured investors through aggressive social media campaigns on YouTube, Twitter and Facebook, as well as bi-weekly Zoom calls and lavish in-person events in Las Vegas and Puerto Rico.
Investors were offered unsecured notes promising annualized returns as high as 25% or equity units with monthly dividends of up to 2.083%. Lopez reportedly justified these high returns by claiming the company acquired distressed assets “cheaply” and maintained low overhead by employing overseas staff.
Lopez, 48, who produces a podcast, “The Tai Lopez Show,” hasn’t addressed the company’s collapse and the losses suffered by his investors, the Wall Street Journal reported. The day after the SEC filed suit, Lopez posted on X: “Never doom. No matter how horrible the situation, don’t ever think you’re doomed. Unless you are dead, all defeat is psychological.”
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