SEC-LR-26169 (11-14-24)
Money Magnet Platinum Membership Initiative LLC, et al.
SEC Litigation Release No. 26169 / November 14, 2024
SEC Obtains Final Judgements Against Lakenya Hopkins
Excerpt:
The Securities and Exchange Commission announced that is has obtained final judgement against Lakenya Hopkins for her role in a promissory note selling scheme, falsely promising investors extraordinary returns.
On November 7, 2024, the Honorable Jed S. Rakoff, United States District Court Judge for the Southern District of New York, issued an Order approving the SEC’s settlement with Lakenya Hopkins and entered Final Judgement. The SEC’s complaint alleges that, between late 2020 and early 2021, Hopkins and her company, Money Magnet Platinum Membership Initiative (MMPMI), solicited more than one hundred prospective investors to invest in MMPMI through promissory notes they called “magnets.” As alleged in the Complaint, MMPMI and Hopkins, without a reasonable basis, promised investors guaranteed and extraordinary monthly returns for each magnet they purchased. Additionally, the Complaint alleges, Hopkins misappropriated investor funds for her own benefit.
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Source:
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26169
SEC-LR-26169 (11-14-24)