ISTANBUL: The Securities and Exchange Commission (SEC) said Thursday it charged an individual with defrauding more than 70 investors of approximately $31 million through his company. The SEC said its complaint alleges that Babu Ramaraj, a resident of Aldie in the state of Virginia, solicited and lured his victims with the promise of 40% to 60% annual investment returns from February 2019 through May 2024. According to the complaint, Ramaraj falsely told investors that he would use their funds to finance surety and performance bonds for large-scale and lucrative contracts, the agency said in a statement. The individual, in addition, allegedly created fake contracts and financial documentation to support his misrepresentations, it added. The SEC alleged that the contracts never existed in reality, and Ramaraj instead used investor funds to purchase luxury automobiles, jewelry, and property, engage in unprofitable options trading, and pay earlier investors. "As we allege, Ramaraj promised his investors unre alistic returns from government contracts he never had and then used their money to fund his own lifestyle and to make Ponzi-like payments to maintain the deception,' said Scott A. Thompson, associate director of Enforcement in the SEC's Philadelphia Regional Office. "We will continue to hold accountable those who exploit investors' trust for personal gain." Source: Anadolu Agency