But Motil's self-described success was an elaborate façade, according to regulatory filings and Ohio bankruptcy proceedings. In a 29-page complaint, the SEC laid out how Motil issued "promissory notes" fully collateralized by property across Ohio to dozens of investors. "Nearly everything about his scheme was a lie," the financial regulator's complaint read. In one instance, according to the SEC, Motil managed to get more than $1 million from 20 different investors for just one single-family home valued at no more than $130,000. Motil and his wife, Amy, profited handsomely from the scheme, the SEC alleged.

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Persons: Matt Motil, Motil, Amy Organizations: U.S . Securities, Exchange Commission, Washington , D.C, SEC, CNBC, U.S, Trustee, Federal Trade Commission Locations: Washington ,, An Ohio, Ohio