SEC charges ‘Cash Flow King’ podcaster in $11 million Ponzi scheme
The Securities and Exchange Commission (SEC) charged Christopher Parris, who operated as the “Cash Flow King” podcast host, with operating an $11 million Ponzi scheme. Parris allegedly raised the funds over a ten-year period from investors through his podcast, webinars, and seminars, promising them returns of 10 to 15 percent per week. The SEC alleges that Parris misused the majority of the funds for unrelated expenses, such as personal expenses and the operating costs of his company. Additionally, the SEC alleges that Parris lied to investors about the size and profitability of his business and misled them about the use of their investments. Parris is now facing charges of fraud and is also subject to civil penalties. The SEC is seeking disgorgement of all ill-gotten gains plus prejudgment interest, and a civil penalty.