Texas State Securities Board Issues Emergency Order to Halt Alleged Fraudulent Investment Scheme Promising Extraordinary Returns

AUSTIN, Texas - The Texas State Securities Board ("TSSB") has entered an Emergency Cease and Desist Order against JoAriam, LLC and its founder and managing member, KaRhonda Jewell Bray, for allegedly offering unregistered securities tied to purported foreign exchange trading and leveraged banking instrument trading programs.

According to the order, the respondents allegedly offered investment opportunities known as the "FX Trade Program" and the "Leveraged Trade Program," representing to investors that the programs would generate substantial returns, including approximately ten percent monthly returns from foreign exchange trading and monthly dividend payments of approximately $1.5 million following a four-month incubation period.

The order alleges that investor funds were transferred through personal bank accounts before being transmitted to a cryptocurrency platform that does not provide foreign exchange trading services.

The Emergency Cease and Desist Order also alleges that the respondents failed to disclose material information to investors, including a Chapter 7 bankruptcy filing by Bray, liabilities totaling approximately $297,364.79, and prior litigation involving allegations of fraud and fraudulent inducement.

In addition, the order alleges that the investment programs and securities offerings were not registered for sale in Texas and that the respondents were not registered with the Securities Commissioner as securities dealers, agents, investment advisers, or investment adviser representatives.

"The Texas State Securities Board remains committed to protecting Texans from fraudulent investment schemes and misleading promises of extraordinary returns," said Cristi Ramón Ochoa, Deputy Securities Commissioner. "Investors should exercise caution when presented with high-yield investment opportunities that lack transparency regarding how investor funds are being used or how returns are supposedly being generated."

The Emergency Cease and Desist Order requires the respondents to immediately stop offering securities in Texas, cease acting as unregistered securities professionals, and halt any fraudulent or misleading conduct in connection with the offer or sale of securities.
The Texas State Securities Board believes that there are more investors who were harmed by Bray's fraud. Investors who believe they have been defrauded by Bray are encouraged to contact the Texas State Securities Board Enforcement Division directly at [email protected].