Financial Services
RMA Strategic Opportunity Fund, LLCFind BBB Accredited Businesses in Financial Services.
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Government Actions
US Department of Justice, District of Massachusetts, vs. Raymond Montoya
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On 3/21/2019 the US Department of Justice, District of Massachusetts, announced that Raymond Montoya was sentenced to three years of supervised release and restitution to be determined at a later date, after he pleaded guilty to three counts of wire fraud, five counts of mail fraud, and two counts of conducting an unlawful monetary transaction.
Between 2009 and June 2017, Montoya ran a pooled investment hedge fund in Boston called RMA Strategic Opportunity Fund, LLC. It is alleged that Montoya falsely told his investors—including his family, friends, and acquaintances who resided in Massachusetts, Ohio, and California—that the fund was earning substantial returns, when in fact, by 2014, the RMA Fund was sustaining substantial losses. According to court documents, the victims transferred millions of dollars of their personal savings and 401(k) retirement plans to Montoya and the RMA Fund. Montoya told his investors that he would invest their money in stocks and bonds, but he actually invested only a portion of their money, while diverting the rest—totaling millions of dollars—to business and personal bank accounts. Montoya allegedly used the diverted money for personal expenses such as luxury vehicles and the mortgage on his son’s residence.
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