AG brings action against Charleston resident engaging in securities fraud

South Carolina Attorney General Alan Wilson brought action against Charleston resident Jonathan E. Ramaci, Elements of Genius, Inc. and it's subsidiary Wellnest.

COLUMBIA, S.C. (WOLO)— South Carolina Attorney General Alan Wilson brought action against Charleston resident Jonathan E. Ramaci, Elements of Genius, Inc. and it’s subsidiary Wellnest.

The Securities Division ordered a cease and desist alleging that Wellnest violated the SC Securities Act by offering and selling unregistered or unqualified securities to 35 investors, raising $4 million, say state officials.

The Division says Wellnest also misappropriated at least $1.2 million of investor funds by diverting them to another company Ramaci controlled for possible personal use.

Ramaci could face a maximum penalty of 20 years for the three-count wire fraud indictment.

 

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