The Securities and Exchange Commission (SEC) has obtained an emergency order to stop Zera Financial LLC and its owner, Luis A..Romero is suspected of an ongoing offering of fraudulent securities and a Ponzi scheme that has raised more than $2.2 million from about 170 investors.。

Zera and Romero promised investors a 3 percent monthly return, equivalent to more than 36 percent a year, through a public website, a mobile app, an Instagram account and word of mouth, while investing as little as $500, the SEC said in the complaint.。

In addition to these incredible monthly returns, Zera and Romero allegedly lied about their investment in Zera being underwritten by the Federal Deposit Insurance Corporation (FDIC).。

The complaint also alleges that Romero posed as a Zera investor on an online forum to allay concerns that Zera's earnings were not as good as they really were.。The complaint also alleges that Zera had no meaningful business other than raising funds and paying investors in a Ponzi-like scheme.。

In addition, as the complaint alleges, Romero misappropriated and mixed the investor's funds with his own。The complaint alleges that Romero deposited hundreds of thousands of dollars into various crypto-asset accounts opened in his name and spent hundreds of thousands of dollars for personal consumption, including electric trucks, rent, and even tropical fish.。

Court approves SEC emergency relief against Zera and Romero, including temporary restraining order and asset freeze。A hearing is scheduled for October 11, 2023 to consider whether to issue a preliminary injunction.。

The SEC filed suit in the Federal Court for the Central District of California, alleging that the defendants violated the anti-fraud provisions of Section 17 (a) of the Securities Act of 1933 and Section 10 (b) of the Securities Exchange Act of 1934 and Rule 10b-5 under the Act, and sought permanent injunctions, conduct-based injunctions, fines and interest advances, civil penalties, and a ban on Romero as an officer and director.。