The U.S. Securities and Exchange Commission has filed a complaint against Ahmed Alomari, a self-proclaimed millionaire and stock guru known as “GMoney,” and his company MCM Consulting. The SEC alleges that Alomari misled investors by promoting microcap stocks without disclosing that he was being paid to do so.
Alomari, who operated under various names like “Prime Time Media” and “Millionaire Media,” used social media platforms to encourage investors to buy penny stocks without revealing his financial interests in the deals. The SEC seeks to bar Alomari from violating securities laws and wants him to give up any profits gained from his actions.
Alomari’s background includes claims of creating a large social media influencer network and a challenging upbringing in Detroit and Chicago. Despite his ambitious persona, the SEC alleges that Alomari failed to properly disclose his financial incentives when promoting companies such as a medical device company, an online gambling platform, a pharmaceutical company, and a hemp and CBD cigarette alternative producer.
Furthermore, the SEC accuses Alomari of secretly selling off stocks he promoted for personal profit, as well as using his wife as a front to sell shares earned through promotional services. The agency also charges Alomari with violating securities laws by not disclosing compensation received for promoting securities.
Records show that the IRS has placed a lien on Alomari’s home for allegedly unpaid taxes amounting to $1.4 million. The SEC’s complaint highlights the importance of transparency and honesty in financial dealings to protect investors from potential fraud.