The SEC said 1 Global was formed in 2013 and owned by the Ruderman Family Trust. The Securities and Exchange Commission said in a 2018 complaint against Ruderman and 1 Global that the company collected money from investors, many of whom used retirement savings, from February 2014 to July 2018. Investors were falsely told the company had been audited by a public accounting firm, that investors’ money would be spent on the merchant cash advance loans, and that people could expect double-digit returns on investments. The Justice Department said Ruderman admitted he and others made false representations to investors and potential investors about the profitability of 1 Global.
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