Radio Host, Family Office Raked In Millions From Alleged $56 Million Ponzi Scheme!

SEC v. Wells Real Estate Investment, LLC, Janalie C. Bingham, Jean Joseph, et al. — U.S. Securities and Exchange Commission Litigation Release No. 26571, dated June 24, 2026.

The SEC filed settled actions against two unregistered sales agents, Sanders Family Office and Francisco J. Herrera, for their roles in an alleged $56 million real estate Ponzi scheme. These agents raised millions for Wells Real Estate Investment, LLC, while unregistered and earning commissions, despite the scheme's fraudulent nature and Ponzi-like payments.

In Plain English

Imagine someone is selling investment opportunities that promise good returns, like a special savings account. But instead of being a real bank, they are actually running a scam. They take money from new investors and use it to pay off earlier investors, making it look like the account is doing well. They also pay people to help them find new investors, even if those people aren't licensed to do so. Eventually, the whole thing collapses when there isn't enough new money to pay everyone.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. The Setup: Wells Real Estate Investment In August 2020, Wells Real Estate Investment, LLC, controlled by Janalie C. Bingham and Jean Joseph, began orchestrating a fraudulent securities offering. They claimed investor funds would be used to acquire and improve income-producing properties, promising investments secured by real estate assets.
2. Selling the Notes Wells sold promissory notes, titled 'Memorandum of Indebtedness,' to investors nationwide. The offering was not registered with the SEC, nor did it qualify for any exemption from registration.
3. The Ponzi Engine Starts Instead of investing in real estate as promised, Wells used money from new investors to make Ponzi-like payments to earlier investors. This created a false appearance of profitability and legitimacy.
4. Paying Unregistered Agents Wells also used investor funds to pay undisclosed commissions to sales agents who were not registered with the SEC as broker-dealers. These agents were crucial in soliciting and raising money for the fraudulent scheme.
5. Misrepresenting the Business Bingham and Joseph lied about the size, value, and operations of Wells’s real estate portfolio. They also misappropriated investor funds for their own benefit, while investors were not informed of these material facts.
6. Sanders Family Office's Role From August 2020 to March 2023, Sanders Family Office, LLC, and its principal Margaret Sanders, raised approximately $40 million from about 600 investors. They earned at least $2.97 million in commissions, despite being unregistered.
7. Francisco J. Herrera's Involvement From at least March 2021 through November 2022, Francisco J. Herrera, personally and through a team he managed, raised about $10 million from approximately 190 investors. He promoted the notes online and on his radio program, earning at least $488,244 in commissions, while unregistered.
8. The Scheme Collapses The fraudulent scheme collapsed in August 2024 when the SEC filed an emergency action against Wells Real Estate, Bingham, and Joseph, leading to the appointment of a receiver to recover funds for investors.

The Enforcement Action

On June 23, 2026, the SEC filed settled actions against Sanders Family Office, LLC, Margaret Sanders, and Francisco J. Herrera for their roles in an alleged $56 million South Florida real estate Ponzi scheme orchestrated by Wells Real Estate Investment, LLC, its owner Janalie C. Bingham, and her husband Jean Joseph. Sanders Family Office and Margaret Sanders consented to a judgment enjoining them from violating securities laws, ordering disgorgement of $2,977,099.53 plus prejudgment interest of $506,228.74, and a $100,000 civil penalty for Margaret Sanders. Francisco J. Herrera consented to a bifurcated judgment enjoining him from violating securities laws, with disgorgement, interest, and penalties to be determined by the court. The SEC previously charged Wells Real Estate, Bingham, and Joseph on August 12, 2024, obtaining a receiver and final consent judgments against Bingham and Joseph on December 3 and 5, 2024, respectively, which included injunctions, officer and director bars, disgorgement, interest, and civil penalties. Joseph and Bingham also pleaded guilty in a parallel criminal case.

Named in this action: Wells Real Estate Investment, LLC, Janalie C. Bingham, Jean Joseph, Sanders Family Office, LLC, Margaret Sanders, Francisco J. Herrera.

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