Posted: Oct 2, 2013 5:54 PM
Updated: Oct 2, 2013 6:52 PM
McALLEN - The Securities and Exchange Commission asked a judge to freeze a McAllen couple's assets as they investigate a Ponzi scheme.
FBI agents raided the couple's business, USA Now, two months ago. Marco and Bebe Ramirez were supposed to help foreign investors get U.S. Visas by investing in certain types of business.
Investigators said only businesses belonging to the couple got money. The SEC filed suit against the pair.
The SEC claims the couple stole more than $5 million from investors.
"They took the money, they used it for personal expenses; they used it for other business that weren't disclosed to the investors and they used it in at least one case that we've alleged to make a Ponzi payment to an earlier investor," SEC Associate Regional Director David Peavler said.
The SEC also asked the judge to prohibit the two from soliciting or accepting money from investors.
The judge will hold a hearing on the request next week.