The Securities and Exchange Commission (SEC) is accusing the men who bought bankrupt chains RadioShack, Modell’s Sporting Goods, and Pier 1 Imports of running a Ponzi scheme that duped investors out of tens of millions of dollars.

A complaint filed in the U.S. District Court for the Southern District of Florida on Tuesday, alleges the co-founders of Miami-based Retail Ecommerce Ventures, Alex Mehr and Tai Lopez, together with the company's Chief Operating Officer Maya Burkenroad, raised approximately $112 million combined from hundreds of U.S. investors by selling investments in eight companies they created and controlled under Retail Ecommerce Ventures.

Between April 2020 through Nov. 2022, they raised money by selling two types of investments. They sold unsecured notes that promised r

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