Screenshot of Johanna Michely Garcia of MJ Capital Funding, who was sentenced on Dec. 3, 2024, to 20 years in prison in a Ponzi scheme. A Florida woman who pleaded guilty for her role in a Ponzi scheme that raked in nearly $200 million was sentenced Tuesday to 20 years in prison. Judge Jose Martinez also sentenced Garcia to three years of supervised release and a $100 special assessment, plus additional restitution which will be determined on March 3, the case docket shows. "As a result, Garcia paid investors by running a large Ponzi fraud scheme, paying existing investors using new investor funds while misappropriating millions of dollars for her own personal benefit." In 2021, investors in MJ Capital filed a lawsuit accusing Wells Fargo Bank of aiding the fraud scheme by failing to follow its own anti-money laundering policies.

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Persons: Johanna Michely Garcia, Johanna Garcia, Judge Jose Martinez, Garcia, Wells, Law360, Pavel Ramon Ruiz Hernandez, Prosecutors, Ruiz Hernandez Organizations: MJ, Investors, MCAs, MCA, MJ Capital, Bank, FBI, Securities and Exchange Commission, Prisons Locations: Florida, Broward County, U.S, MCAs