The owners of a Prince George’s County investment firm have been fined $17.2 million and banned from offering investment or security services in the state after running the operation in a manner that court documents said was similar to a Ponzi scheme.
How much of that fine will actually be recovered is unclear: The consent order in the case said the penalties would be deferred pending the outcome of bankruptcy filings by the two companies involved, Prosperity Partners Inc. and Prosperity Medical and Health LLC.
The case was brought by the Maryland Securities Division against the companies and Mathias Bama, Valentine Bama and Hilaire Leunkam, who operated the companies. It said the companies solicited investments that promised a return of 6% a month, for an annual return of 72%, at which time investors could ask for a return of their principal or could reinvest their funds.
The companies attracted $28.9 million in investments, mostly from Cameroonian and Nigerian communities, court documents show. They said early investors appear to have received just under $12.4 million in payments on their investments.
