Feds Allege La Jolla Couple Ran $100M Scam
La Jolla Power Couple Allegedly Ran $100 Million Investment Scam
You think you know your neighbors in La Jolla Shores. Nice cars, beautiful ocean-view home, friendly waves at the mailbox. But according to federal prosecutors, one local couple was allegedly financing their picture-perfect lifestyle with a massive fraud scheme.
Brett Rosen, 45, and Deborah Rosen, 44, have been indicted on 24 federal counts after allegedly running a $100 million market manipulation scheme through their investment firm, RB Capital Partners. Prosecutors say the couple lived what they called a "lofty lifestyle" while allegedly fleecing investors since 2020.
The scheme targeted six publicly traded companies, including Optec International, Sunshine Biopharma, BlockQuarry Corp., Solar Integrated Roofing Corp., Cyberlux Corp., and Ilustrato Pictures International. Investigators allege the Rosens pumped up these stocks with misleading promotions, then secretly dumped their own shares while telling investors they were holding tight.
The SEC also jumped in, filing civil charges claiming the couple pocketed over $26 million in illicit profits. In one particularly bold move, prosecutors say Brett Rosen tweeted in August 2022 that RB Capital would NOT be dumping shares. That same day? They allegedly sold at least 115,000 shares.
The couple now faces charges of conspiracy, securities fraud, and money laundering, with potential decades in prison and hefty fines.
For San Diegans, it's another reminder that the most luxurious zip codes can hide the ugliest secrets. That multi-million-dollar La Jolla Shores home? Allegedly bought with other people's money.
Sources: NBC San Diego | Fox 5 San Diego | InvestmentNews | My California News