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Colorado authorities recently asked a Denver court to block a Littleton man from continuing to solicit funds from “economically vulnerable” women, mostly single mothers, whom he met through dating apps and local gyms. filed for an injunction.
The Colorado Bureau of Securities has accused 43-year-old Joseph Glenn Holder Jr. of seducing multiple women and obtaining at least $121,000 in a so-called “romance scam.” Almost all of that money was spent by holders, not individuals. The agency said in a press release that Holder is earning women seven to 10 times the initial investment promised.
In court documents filed in Denver District Court on January 31 by Colorado Securities Commissioner Tan Chan, Holder was referred to as a “serial predator.” The complaint filed by Chan alleges that Holder never had legal permission to sell securities and that he once told a romantic interest of his clients that their securities were unregistered. He claimed that there was not.
“He targeted economically vulnerable women, many of whom were single mothers,” the complaint states.
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The agency’s court documents and press release do not specify the exact number of women affected by the scheme or their origins. However, the fact that the lawsuit was brought by the state rather than federal authorities means that all of Holder’s victims reside in Colorado.
The complaint states that between February 2019 and September 2023, Holder received money from the women after developing “romantic or intimate personal relationships.” Holder then told the women about an investment opportunity in the medical field that would give her a return of 7 to 10 times her initial investment. Records show the women donated funds ranging from $950 to $25,300.
Additionally, the complaint alleges that Holder convinced the women to open accounts and then created false identities to explain delays in investment returns. Holder allegedly showed the woman a screenshot of a text message labeled “Rachel B” and “Lauren.”
A screenshot of the conversation with “Rachel B” read: “I completely understand.” [the potential investor’s] I think it’s just that she doesn’t know you well enough. If she knew how many lives you’ve touched over the years and the people you’ve helped, she probably wouldn’t have felt so anxious…either way. Let me know and I’ll set things up. Currently, her initial buy-in is $11,000, so once the account is generated, she should be able to expect a profit of $76,000 to $83,000 at the beginning of the year. Either I or Lauren will contact her at that time to complete her account. ”
In another message, “Rachel B” texted the holder and told potential investors, “Please let her know that you can request a refund of your funds at any time without penalty. If she requests a refund, she will only receive the original buy-in amount and any amounts accrued up to that point.”
“Based on information and belief,” the complaint states, “defendants have completely fabricated the names ‘Rachel B’ and ‘Lauren.'”
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Additionally, investigators say Holder has yet to repay more than $20,000 to the victim.
“In most cases, investors who were repaid only received their principal repaid, sometimes years later. Only two investors received returns that they had not expected,” the complaint states. “It was far less than a few thousand dollars a month.”
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The complaint also states that Mr. Holder told Securities Bureau investigators that the investments were for hyaluronic acid injection procedures used at a clinic owned and operated by his former employer, Dr. Michael Rimlawi. It is also stated that
“In fact, no funds were invested at all,” the complaint states.
Notably, Rimlawi was one of 14 people convicted of health care fraud in Texas in 2021. Rimlawi was sentenced to federal prison and had his medical license revoked in the state.
The complaint further alleges that Holder is actively trying to prevent investors from cooperating with the department’s investigation and may still be soliciting new investors.
A hearing in Holder’s case is scheduled for Friday in Denver District Court.
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