SEC official claims that Creative Legal Fundings was neither creative nor legal.
Criminal Justice
Creative Legal Fundings company was ‘neither creative nor legal,’ SEC official alleges
September 5, 2024, 9:08 am CDT
A California woman who created a company ostensibly to loan money to personal-injury attorneys is accused of spending millions of dollars in investor funds to support her “lavish lifestyle.” (Image from Shutterstock)
A California woman who created a company ostensibly to loan money to personal-injury attorneys is accused of spending millions of dollars in investor funds to support her “lavish lifestyle. “
Maria Dickerson, 47, of Sacramento, California, who is also known as Dulce Pino, is facing federal criminal charges and a civil lawsuit by the U.S. Securities and Exchange Commission, according to Sept. 3 press releases here and here.
Reuters, ABS-CBN News and KGTV are among the publications with coverage.
ABS-CBN News described Dickerson as a “Filipino beauty queen.” She allegedly ran her company, Creative Legal Fundings, in the manner of a Ponzi scheme, paying guaranteed returns to early investors with money from later investors, according to the SEC suit.
The company did not lend money to lawyers and did not make other investments, the suit says.
“As alleged, Creative Legal Fundings’ operations were neither creative nor legal,” said Monique C. Winkler, director of the SEC’s San Francisco regional office, in the press release. “This was nothing more than fraud perpetrated against retail investors, many of whom were members of the Filipino American community.”
The Aug. 29 federal indictment charges Dickerson with 24 counts of wire fraud, one count of securities fraud and seven counts of money laundering. More than 140 people invested more than $10 million in the company, more than $4 million of which was lost during the course of the scheme, according to the indictment.
The alleged scheme lasted from about December 2020 through September 2023, the indictment says. The SEC lawsuit focuses on the period March 2021 to May 2023. During that period, the SEC says, Dickerson sold interest in her company to more than 130 investors who paid $7 million.
She used at least $2.5 million for her personal benefit, according to the SEC.
Dickerson’s spending was apparent in her social media photographs, which showed her traveling on private jets, participating in adult pageants and sporting luxury goods, according to the Aug. 29 indictment. She is also accused of spending investor money on real estate, luxury vacations, home furnishings, appliances and “extensive gambling.”
When Dickerson was unable to raise new investor funds quickly enough, she shut down Creative Legal Fundings and opened a new company called the Ubiquity Group, the SEC suit says.
“Her scheme, however, remained the same,” according to the suit.
Mark Reichel, Dickerson’s lawyer, told ABS-CBN that his client started a “creative and honest plan to form a beneficial investment fund,” but it grew at an unmanageable speed. He said that many early investors sought money from others by making promises. This was often done without Dickerson’s knowledge. Dickerson “was trying to liquidate assets in order to make everyone whole at the time of this arrest.”
