Posted on Google Google
Alan Markfeld profile picture
Alan Markfeld
Google star 1Google star 2Google star 3Google star 4Google star 5Trustindex verifies that the original source of the review is Google.
Dharmi is an excellent securities lawyer who understands the law as it pertains to these cases. She is extremely proactive and represents her clients well. I highly recommend Jacko and Dharmi.
Posted on Google Google
Danielle Martin profile picture
Danielle Martin
Google star 1Google star 2Google star 3Google star 4Google star 5Trustindex verifies that the original source of the review is Google.
I’ve had the privilege of working closely with this firm in my role as Chief Compliance Officer and I can confidently say they are an exceptional compliance partner. Their depth of experience is immediately evidentand they bring a level of practical knowledge. What I truly enjoy is their ability to translate complex regulatory requirements into plain English, often using real, everyday examples that make implementation far more manageable. They are also incredibly responsive and reliable. In a field where timing matters, their prompt communication and thoughtful guidance have been invaluable. If you’re looking for a compliance attorney who combines expertise, clarity, and professionalism, I highly recommend them.
Posted on Google Google
Curt Rocca profile picture
Curt Rocca
Google star 1Google star 2Google star 3Google star 4Google star 5Trustindex verifies that the original source of the review is Google.
Michelle and the team at Jacko Law Group have helped guide through a variety of critical circumstances as we ventured through the uncharted and unfamiliar territory of becoming and successfully operating as an RIA. I have particularly appreciated Michelle's personal involvement and genuine caring about us and our organization. She has been responsive and her counsel has been consistently on-point and helpful. She artfully guided us through our initial filing process and first SEC exam process - which went very well. Very grateful to Michelle and her team.
Posted on Google Google
Nicholas Di Paolo profile picture
Nicholas Di Paolo
Google star 1Google star 2Google star 3Google star 4Google star 5Trustindex verifies that the original source of the review is Google.
Michelle and her team were excellent to work with, front to back. They helped me to understand the challenges ahead and were always proactive in their consultation through every step of my transition. JLG truly know the wealth management industry very well and did a great job of understanding the challenges unique to my business. Without them, I can confidently say I would not have felt as comfortable through the transition as I did. Fortunately, that's not something that stops there - Michelle and her team have kept in touch to ensure that I'm on top of certain administrative issues, trends, and simply showing me that they care about my business and success. I look forward to continuing to work with them for many years to come.
Posted on Google Google
Margery Neis profile picture
Margery Neis
Google star 1Google star 2Google star 3Google star 4Google star 5Trustindex verifies that the original source of the review is Google.
Dharmi Mehta was extremely helpful when my business partner and I transitioned to a new RIA firm. She and her staff were all very professional. Her guidance during our transition was invaluable. I highly recommend Dharmi and Jacko Law Group.
Posted on Google Google
Joseph Burwell profile picture
Joseph Burwell
Google star 1Google star 2Google star 3Google star 4Google star 5Trustindex verifies that the original source of the review is Google.
Dharmi and Amandeep were a delight to work with. They assisted me with a claim and stuck with me the entire way through. Dharmi's advice was invaluable, and I was most impressed by her clear and professional communication. From beginning-to-end, both Dharmi and Amandeep kept me well informed. Their entire team are proud of their work and rightfully so. Thank you!
Posted on Google Google
Faruk Jaffer profile picture
Faruk Jaffer
Google star 1Google star 2Google star 3Google star 4Google star 5Trustindex verifies that the original source of the review is Google.
My mentor once told me that a good attorney is worth their weight in gold — and that couldn't be more true of Michelle and Amanda. Their expertise, professionalism, and responsiveness were top notch every step of the way. It's rare to find legal partners who are not only sharp and thorough, but also genuinely invested in your success. I’m grateful for their guidance and highly recommend them to anyone seeking trusted legal counsel.
Posted on Google Google
everistus etafo profile picture
everistus etafo
Google star 1Google star 2Google star 3Google star 4Google star 5Trustindex verifies that the original source of the review is Google.
It is my great Privilege to share my Review of what Atty Dharmi Mehta of Jacko Law Group did for me and by extension for my family. From the first time complimentary conversation we had having spoken to several other Lawyers ,l knew she was the right person for the Job .Because of her background as a former RR ,she was professional,kind, Empathetic,listened and was focused on fighting for me. From a potential of been terminated with cause ,l was able to walk away with a clean U5 with a validation that l did nothing wrong except what was in the best Interest of my clients. I hope nobody ever has to go through what l have Experienced, but if you do ,you want Dharmi Mehta beside you .Rest assured your service Deserve 10 stars but this forum only allows 5. Me and my family are forever grateful and will make sure that any RR who needs an advocate will know about you . Everistus Etafo
Posted on Google Google
Karen Althaus profile picture
Karen Althaus
Google star 1Google star 2Google star 3Google star 4Google star 5Trustindex verifies that the original source of the review is Google.
I have worked with Jacko Law Group for 2 different business situations that necessitated an attorney. In both cases, the team was very thorough & competent. Their attention to our situation and the extra effort they put into our case(s) was very much appreciated. I would highly recommend Jacko Law Group!
  • Home
  • Insights
  • EB-5 Operator Caught in Securities Fraud Scam

Blog

EB-5 Operator Caught in Securities Fraud Scam

Placeholder

Beginning in the spring of 2010 and continuing through 2013, Serofim Muroff and his companies, Blackhawk Manager, LLC and ISR Capital, LLC, sold securities in Blackhawk Gold, LLC and Quartzburg Gold, LLC, to over 280 foreign investors through the EB-5 Program.

This program allows foreign investors to petition for U.S. residency after making a qualified investment in a specified job-creating enterprise. Although Muroff invested part of the accumulated EB-5 investor funds into acquiring and developing luxury real estate in Idaho and gold mining ventures in Idaho and Montana, he also misappropriated and misused a portion of the funds.

Per the SEC complaint, of the roughly $140.5 million raised from foreign investors, Muroff allegedly used over $5 million for personal purposes, including investing in a zip line operation and purchasing two personal residences, a Range Rover, and a BMW. He also diverted $20 million to invest in an options trading strategy, which resulted in a loss of more than $1 million that was never disclosed to investors.

Lastly, Muroff used an additional $5.6 million to pay commissions to a company in Taiwan for soliciting Chinese investors. In addition to paying $5,062,082 in disgorgement and $865,270 in interest, Muroff and his companies agreed to pay a penalty of $2 million.

Along with the settlement, which is subject to court approval, Muroff also agreed to be prohibited from conducting EB-5 offerings, acting as an officer or director of a public company, and associating with any investment adviser. Debra Riddle, Muroff’s bookkeeper and administrative assistant, was also charged in the SEC’s complaint. She agreed to pay $503,417 in disgorgement and $81,626 in interest, as well as a $100,000 penalty.

Cases like this serve as a reminder to investors, both foreign and domestic, to perform thorough due diligence when researching investment opportunities.

For more information on how Jacko Law Group, PC can help you take steps to perform thorough due diligence, contact us at (619) 298-2880, or email [email protected].  Thank you.

About the author

Jacko Law Group provides tailored legal services and effective strategies for success, delivering exemplary solutions to complex legal and regulatory challenges to ensure that both business efforts and compliance obligations are satisfied.

Related Insights