State warns of new "Mr. Finance" investment solicitations from man accused of running Ponzi scheme

Illinois Secretary of State Alexi Giannoulias put out a warning that a businessman known as Mr. Finance, already accused of running a Ponzi scheme, may be soliciting investments in an allegedly sketchy new business.

Giannoulias said Brandon "Mr. Finance" Ellington has allegedly been using email campaigns and his website to solicit investments in a new business, Rich Kats Designer Fragrances.

Ellington is already being sued, along with his company Access Capital Today, for allegedly appearing on TV, radio and in person at churches to encourage people to liquidate their retirement accounts and take out high-interest loans to invest in Access Capital Today. Ellington promised monthly payments and big returns, but would cut off all contact after his targets made a few payments, the lawsuit claims. At least one plaintiff said he lost $160,000 to the scheme.

The state has already issued a new Temporary Order of Prohibition and Cease and Desist Order, alleging Ellington is marketing unregistered securities and unregistered business opportunities through his new website and email for Rich Kats Designer Fragrances, Giannoulias said.

Giannoulias said his office has already identified more than 300 people who Ellington has solicited for money in this new venture.

"Too many people have already lost retirement savings, taken out loans or put their financial futures at risk based on promises that never materialized," Giannoulias said in a statement. "If Mr. Finance contacts you about investing your money, walk away and call our office. We want to stop anyone else from becoming a victim."

CBS News Chicago had previously reached out to Ellington for comment on the lawsuit but never received a response.

Ellington is currently barred from selling securities in Illinois.