South Carolina Man Accused of Running Multi-Million Dollar Ponzi Scheme to Fund Lavish Lifestyle and TikTok Obsession
The Securities and Exchange Commission (SEC) has charged Michael J. French and his companies, MJF Holdings and MJF Capital, for defrauding investors and misappropriating millions in investor funds. French sold more than $20 million in high-yield promissory notes to over 400 investors, falsely claiming that the notes were backed by a low-risk investment program. The lending program was a sham, and French spent the money he raised to repay earlier investors and to fund a lavish lifestyle. The SEC is seeking permanent injunctive relief, an asset freeze, an accounting, disgorgement of all ill-gotten gains plus prejudgment interest, and civil penalties.