United States SEC Files $3.6 Million Civil Charge Settlements on Sanders Family Office (Include Principal Margaret Sanders) & Francisco Herrera for Roles in $56 Million South Florida Real Estate Ponzi Scheme by Wells Real Estate Investment, Owner Janalie Bingham & Her Husband Jean Joseph, 1) Sanders Family Office & Margaret Sanders Raised $40 Million from 600 Investors (Without Required Licences) for Wells Real Estate & Earned $2.97 Million, 2) Francisco Herrera & His Sales Agents Raised $10 Million from 190 Investors & Earned $488,000
28th June 2026 | Hong Kong
The United States Securities and Exchange Commission (SEC) has filed $3.6 million civil charges settlements on Sanders Family Office (Include principal Margaret Sanders) & Francisco Herrera for roles in $56 million South Florida real estate ponzi scheme by Wells Real Estate Investment, owner Janalie Bingham & her husband Jean Joseph – 1) Sanders Family Office & principal Margaret Sanders raised $40 million from 600 investors (Without required licences) for Wells Real Estate & earned $2.97 million, 2) Francisco Herrera & his sales agents raised $10 million from 190 investors & earned $488,000. Announcement (23/6/26): “On June 23, 2026, the Securities and Exchange Commission filed settled actions as to Sanders Family Office, LLC and its principal Margaret Sanders, and Francisco J. Herrera for their roles in an alleged fraudulent securities offering orchestrated by Wells Real Estate Investment, LLC, its owner, Janalie C. Bingham, and her husband, Jean Joseph, which raised at least $56 million from approximately 660 investors nationwide through the sales of promissory notes. According to the SEC’s complaint, filed in U.S. District Court for the Western District of Texas, from August 2020 to March 2023, Sanders Family Office and Sanders, both directly and through a team of sales agents, solicited and raised approximately $40 million from about 600 investors for Wells Real Estate and earned transaction-based commissions of at least $2.97 million, even though they were not registered as broker-dealers or associated with a registered broker-dealer. Without admitting the allegations in the SEC’s complaint, Sanders Family Office and Sanders consented to the entry of a final judgment, subject to court approval, that would enjoin them from violating Sections 5(a) and 5(c) of the Securities Act of 1933 and Section 15(a)(1) of the Securities Exchange Act of 1934, order them to pay, jointly and severally, disgorgement of $2,977,099.53 with prejudgment interest of $506,228.74, and order Sanders to pay a civil penalty of $100,000. The SEC’s complaint against Herrera, filed in U.S. District Court for the Southern District of Florida, alleges that from at least March 2021 through November 2022, Herrera personally and through a team of sales agents he managed, solicited and raised approximately $10 million from about 190 investors nationwide for Wells Real Estate. The complaint further alleges that Herrera promoted the notes on the internet and on his radio program, and that he received at least $488,244 in transaction-based commissions. Without admitting the allegations in the SEC’s complaint, Herrera consented to the entry of a bifurcated judgment, subject to court approval, that would enjoin him from violating Sections 5(a) and 5(c) of the Securities Act and Section 15(a)(1) of the Exchange Act, and would provide that the court shall determine, upon motion by the Commission, whether to order disgorgement of ill-gotten gains, prejudgment interest, and/or a civil penalty. The SEC previously charged Wells Real Estate, Bingham, and Joseph on August 12, 2024, for allegedly operating an unregistered fraudulent securities offering and Ponzi scheme. Among other emergency relief, the SEC obtained the appointment of a receiver, who is actively working to recover funds for investors. On December 3 and December 5, 2024, the court entered final consent judgments against Joseph and Bingham, respectively, permanently enjoining them from violating Section 17(a) of the Securities Act and Sections 15(a), 20(a), and 10(b) of the Exchange Act and Rule 10(b)-5 thereunder, imposing officer and director bars, and ordering them liable for disgorgement plus prejudgment interest and civil penalties. Joseph and Bingham were also charged in a parallel criminal case United States v. Jean Joseph, et al., No. 1:25-cr-20483-JEM (S.D. Fla.), and both have pled guilty.”
“ United States SEC Files $3.6 Million Civil Charge Settlements on Sanders Family Office (Include Principal Margaret Sanders) & Francisco Herrera for Roles in $56 Million South Florida Real Estate Ponzi Scheme by Wells Real Estate Investment, Owner Janalie Bingham & Her Husband Jean Joseph, 1) Sanders Family Office & Margaret Sanders Raised $40 Million from 600 Investors (Without Required Licences) for Wells Real Estate & Earned $2.97 Million, 2) Francisco Herrera & His Sales Agents Raised $10 Million from 190 Investors & Earned $488,000 “
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United States SEC Files $3.6 Million Civil Charge Settlements on Sanders Family Office (Include Principal Margaret Sanders) & Francisco Herrera for Roles in $56 Million South Florida Real Estate Ponzi Scheme by Wells Real Estate Investment, Owner Janalie Bingham & Her Husband Jean Joseph, 1) Sanders Family Office & Margaret Sanders Raised $40 Million from 600 Investors (Without Required Licences) for Wells Real Estate & Earned $2.97 Million, 2) Francisco Herrera & His Sales Agents Raised $10 Million from 190 Investors & Earned $488,000
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