Former Ohio podcaster sentenced to prison for $7.3 million Ponzi scheme
A former Cleveland-area real estate podcaster and Ohio real estate agent was sentenced to multiple years behind bars late last week.
On July 18, North Olmsted resident Matthew Motil was sentenced to 70 months in federal prison for a $7.3 million Ponzi scheme that defrauded more than 60 victims from across the United States.
According to federal investigators, from March 2017-2022, Motil used his podcast, The Cash Flow King, to “position himself as an expert in the field.”
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He used his public profile and a variety of marketing tactics to solicit investments into his real estate companies, providing victims with promissory notes that he said were secured by mortgages on Northeastern Ohio properties. He used the same properties over and over, leading victims to believe they were the sole mortgage holder of the investment properties.
“These victims were deceived and manipulated into handing over their hard-earned money to a shameless and selfish individual for his own benefit,” said Carol M. Skutnik, acting U.S. Attorney for the Northern Distric o Ohio in. Press release “Our office will take action to prosecute anyone who preys on the trusting nature of others.”
He used the funds from his scheme to purchase a large home on Lake Erie and attended Cleveland Cavaliers home games.
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