AUSTIN, Texas — The Texas State Securities Board has issued an Emergency Cease and Desist Order against JoAriam, LLC and its founder, KaRhonda Jewell Bray, accusing them of offering unregistered securities tied to alleged foreign exchange and leveraged banking investment programs.
According to the order, JoAriam allegedly promoted investment opportunities known as the “FX Trade Program” and the “Leveraged Trade Program,” promising investors unusually high returns.
State regulators said the programs allegedly claimed investors could earn:
- Approximately 10% monthly returns through foreign exchange trading
- Monthly dividend payments of roughly $1.5 million after a four-month incubation period
Investigators allege investor funds were routed through personal bank accounts before being transferred to a cryptocurrency platform that reportedly does not provide foreign exchange trading services.
The order also alleges Bray failed to disclose important financial and legal information to investors, including:
- A Chapter 7 bankruptcy filing
- Approximately $297,364.79 in liabilities
- Prior litigation involving allegations of fraud and fraudulent inducement
According to the Texas State Securities Board, neither the investment programs nor the securities offerings were registered for sale in Texas.
Regulators also allege the respondents were not registered with the Securities Commissioner as:
- Securities dealers
- Agents
- Investment advisers
- Investment adviser representatives
Cristi Ramón Ochoa said the agency remains focused on protecting investors from misleading financial schemes.
“The Texas State Securities Board remains committed to protecting Texans from fraudulent investment schemes and misleading promises of extraordinary returns,” Ochoa said. “Investors should exercise caution when presented with high-yield investment opportunities that lack transparency regarding how investor funds are being used or how returns are supposedly being generated.”
The emergency order requires the respondents to immediately:
- Stop offering securities in Texas
- Stop acting as unregistered securities professionals
- Cease any allegedly fraudulent or misleading conduct tied to securities sales
The securities board said investigators believe additional investors may have been affected and encouraged potential victims to contact the agency’s Enforcement Division.
