The Securities and Exchange Commission (SEC) has charged Loganville, Georgia resident Prosper E. Beyond Moore and the entity he controls, Prosperity Investments & Solutions, LLC, with defrauding dozens of investors.
According to the SEC complaint, between October 2021 and September 2022, Moore and Prosperity made unregistered securities offerings and raised more than $1.4 million from more than 60 individual investors—many of whom were members of Moore’s church or they learned of Moore’s offerings through shared religious beliefs. —falsely promoting Prosperity as an exclusive investment and lending platform with an elite team of experienced individuals who would provide investors with profits of up to 50% every month.
The complaint alleges that Moore, who had no prior experience working in the financial industry, was the only person making investment decisions and Prosperity did not actually invest most of the funds it received from investors.
Instead, according to the SEC, Moore operated Prosperity as a Ponzi scheme and used money from new investors to make payments to existing investors and pay his personal expenses, while creating false account statements to create the illusion of profits.
The SEC’s complaint, filed in the United States District Court for the Northern District of Georgia, charges Moore and Prosperity with violating Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
Without admitting or denying the allegations in the SEC’s complaint, Moore and Prosperity each consented to the entry of an injunction permanently enjoining them from violating the charged provisions and authorizing the court to determine at a later date the amount of forfeiture, interest prejudice and civil monetary penalties to be paid by each defendant.
Moore also consented to a permanent officer and director bar under Section 20(e) of the Securities Act and Section 21(d)(2) of the Exchange Act, as well as an injunction permanently barring Moore from participating in issuing, buying, offering or selling securities, except for his personal account.