[ by Howard Haykin ] The SEC charged a Puerto Rico resident and his company with operating a Ponzi scheme that targeted evangelical Christians and factory workers in Puerto Rico.  The SEC’s complaint was filed in U.S. District Court for the District of Puerto Rico.  In a parallel action, the U.S. Attorney’s Office for the District of Puerto Rico on Tuesday announced criminal charges against Rojas. SEC Findings and Allegations. Ricardo Bonilla Rojas and his firm Shadai Yire raised at least $7 million from as many as 200 investors living primarily in Puerto Rico;  residents in such states as Florida, New York, and North Carolina also were drawn into the scheme.  The scheme ran from at least August 2005 to February 2009. On the U.S. mainland, Rojas actively solicited individual investors through personal discussions on the phone and in person.  He also targeted evangelical Christian groups and factory workers who were often inexperienced investors.  In his pitch, Rojas falsely assured investors that their principal contributions were "100% guaranteed" and promised returns of up to 50%.  Investors were told their money would be invested in commodities. Rojas apparently hired some sales agents to help him solicit investors, paying them commissions based on a percentage of the investor funds raised.  Rojas and his sales agents pitched the investment as a risk-free way to earn high returns in a short period of time. However, Rojas never actually invested any money in commodities and instead used new contributions to repay earlier investors in classic Ponzi scheme fashion.  He also stole $700,000 for himself. The SEC investigation was conducted by the SEC’s Miami Regional Office, headed by Director Eric Bustillo. For further details, go to:  [SEC PR 12-161, 8/21/12] and [SEC Complaint].