“Be a real estate badass!” and lose your shirt.
The Ohio-based host of a real-estate podcast called “The Cash Flow King” is accused of running an $11 million Ponzi scheme and using investor money for a lakeside mansion, courtside NBA tickets and his wife’s credit-card bills.
Matthew Motil, 42, of North Olmstead, Ohio, allegedly ripped off 50 investors as part of a scheme in which they believed they were investing in a real-estate flipping business that would pay them huge returns, according to civil charges filed by the Securities and Exchange Commission in federal court in Ohio.
In 2022, after the scheme collapsed, Motil filed for Chapter 11 bankruptcy protection, claiming that his investors were creditors. The SEC said they were victims of a fraud.
An attorney who represented Motil in the bankruptcy proceeding said he was not involved and unaware of the SEC’s case against his former client. It wasn’t immediately clear if Motil had retained an attorney to represent him in the matter brought by the SEC.
Motil, a self-proclaimed entrepreneur and real-estate expert, billed himself as “Dr. Matt Motil,” and urged listeners of his podcast and visitors to his website to “fire [their] boss, quit [their] 9 to 5, and build a business/lifestyle [they] love earning a passive income from real estate investments,” according to the SEC complaint.
As part of the scheme, the SEC said Motil hosted 147 podcasts accessible on…