In a Litigation Release published on February 24, the U.S. Securities and Exchange Commission said that it settled action against Joel Castellanos in the U.S. District Court for the Southern District of Florida the day prior, in connection with an alleged $196 million fraudulent securities offering orchestrated by MJ Capital Funding LLC, MJ Taxes and More Inc., and their principal officer Johanna M. Garcia.
The SEC alleged that Castellanos, personally and through a sales team of about 42 sales agents, solicited and raised at least $25.2 million in MJ Capital’s unregistered securities from at least 1,222 investors, and that he earned commissions despite not being registered as a broker or dealer or associated with a registered broker-dealer. The SEC charged him with violating Sections 5(a) and 5(c) of the Securities Act and Section 15(a)(1) of the Securities Exchange Act of 1934.
Without admitting or denying the allegations, Castellanos consented to entry of a final judgment, subject to court approval, that would enjoin him from violating the charged provisions, order disgorgement of $46,861.94 plus $13,084.42 in prejudgment interest, and impose a $150,000 civil penalty. The SEC noted it previously charged MJ Capital, MJ Taxes and Garcia on August 9, 2021, filed an amended complaint on March 21, 2022, said the companies are under a court-appointed receivership, and stated that on May 2, 2025 the court entered a final consent judgment as to Garcia that permanently enjoined her from violating Section 5 of the Securities Act.
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