A Florida woman touted as a 'Mother Teresa' ran a $196 million Ponzi scheme, feds say

MJ Capital Funding's website said that its founder, Johanna Garcia, was"often referred to as 'Mother Teresa' in her community." But federal authorities say Garcia was actually running a Ponzi scheme. The site was shut down by court order; an archived version is seen here.

The Florida woman is accused of perpetuating a $196 million fraud through MJ Capital Funding LLC, the company she started in the Fort Lauderdale area. Her business took in that large amount of money from more than 15,400 investors in just over a year, from June 2020 to August 2021, federal investigators say.

In reality, MJ Capital used new investors' funds to make millions of dollars in payments to satisfy existing investors and fuel a Ponzi scheme, according to the SEC. In addition, the agency says, the company's insiders spent millions of dollars on items such as travel, luxury goods and clothing.

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