The U.S. Securities and Exchange Commission (SEC) has charged Maria Dulce Pino Dickerson, CEO of Creative Legal Fundings, with orchestrating a multimillion-dollar Ponzi scheme that allegedly swindled millions from over 130 investors, primarily targeting the Filipino-American community across the United States.
According to the SEC’s complaint, Dickerson, a Sacramento, California resident, raised approximately $7 million between March 2021 and May 2023 through her companies Creative Legal Fundings and The Ubiquity Group LLC. Investors were enticed with promises of guaranteed high returns of 10% to 17.5% per month on investments supposedly used to fund loans for personal injury attorneys. However, the SEC alleges these claims were entirely fabricated, as no loans were made, and no legitimate business operations were conducted.
The funds, instead, were allegedly used to bankroll Dickerson’s lavish lifestyle, including splurges on real estate, gambling, luxury travel, and designer goods. To sustain the illusion of a thriving business, Dickerson allegedly used new investor funds to pay off earlier investors—a classic Ponzi scheme tactic. When the well of new investor money ran dry around May 2023, Dickerson allegedly shut down Creative Legal Fundings and launched The Ubiquity Group, attempting to reboot her fraudulent operations with a similar set of deceptive promises.
“As alleged, Creative Legal Fundings’ operations were neither creative nor legal. This was nothing more than fraud perpetrated against retail investors, many of whom were members of the Filipino-American community,” said Monique C. Winkler, Director of the SEC’s San Francisco Regional Office.
The charges against Dickerson, Creative Legal Fundings, and The Ubiquity Group include violations of antifraud and registration provisions of federal securities laws. The SEC is seeking permanent injunctions, disgorgement of ill-gotten gains with interest, civil penalties, and an officer-and-director bar against Dickerson.
This case is part of a broader effort by the SEC’s San Francisco and Los Angeles Regional Offices to crack down on affinity frauds, which exploit trust within close-knit communities. The SEC’s Office of Investor Education and Advocacy has also issued an Investor Alert to help the public recognize and avoid such schemes.
In a parallel move, the U.S. Attorney’s Office for the Eastern District of California has filed criminal charges against Dickerson, adding a critical layer of accountability.
The SEC’s investigation, led by Duncan C. Simpson LaGoy and Michael Foley under the supervision of David Zhou and Jason H. Lee, underscores a growing emphasis on protecting vulnerable communities from financial predators. The litigation will be spearheaded by Robin Andrews and Simpson LaGoy.
This case serves as a stark reminder of the importance of vigilance when investing, even within trusted circles, as fraudsters often exploit personal connections to carry out their schemes.