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Posted on 09/28/2025 11:17:11 AM PDT by Libloather
The Securities and Exchange Commission (SEC) is accusing the men who bought bankrupt chains RadioShack, Modell’s Sporting Goods, and Pier 1 Imports of running a Ponzi scheme that duped investors out of tens of millions of dollars.
A complaint filed in the U.S. District Court for the Southern District of Florida on Tuesday, alleges the co-founders of Miami-based Retail Ecommerce Ventures, Alex Mehr and Tai Lopez, together with the company's Chief Operating Officer Maya Burkenroad, raised approximately $112 million combined from hundreds of U.S. investors by selling investments in eight companies they created and controlled under Retail Ecommerce Ventures.
Between April 2020 through Nov. 2022, they raised money by selling two types of investments. They sold unsecured notes that promised returns of up to 25% a year, and ownership shares that offered monthly payouts as high as 2%, according to the complaint.
They also claimed that the money would be used to buy struggling retail brands and to fund operations, but the SEC alleges Mehr and Lopez misled investors about how well the businesses were actually doing.
The complaint cited at least one promotional video, publicly available on the internet, where Lopez touted REV’s approach as "one of the best strategies you can invest in." The SEC also said that she and Lopez further assured investors that while other businesses were struggling, their portfolio companies were "on fire" and that "cash flow is strong."
They assured investors that funds raised for a specific portfolio company would be used for that specific company, and that REV and the REV Retailer Brands have never failed to pay a single investor, the complaint continued. However, the SEC said that while some of the REV Retailer Brands generated revenue, none of them generated any profits.
To pay interest, dividends and maturing note payments...
(Excerpt) Read more at foxbusiness.com ...
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So do I.
Fry’s was awesome. I could get what I needed today. Full of people. Lots and lots of cashiers. Then, they started going downhill.
trash 80 my pop did spread sheets
its gone now it was a fun store
“”And what about a tube tester and vacuum tubes?”””
They were in many stores back in the day.
Yeah, sure they sell flux capacitors at O’Reillys but they always seem to be out of stock. And it is not easy to order the plutonium from Amazon.
I tried to order a wrist rocket from Amazon they wont ship to california
“””I tried to order a wrist rocket from Amazon they wont ship to california”””
They are also illegal in New Jersey. I was at a sporting goods store about 10 years ago in Minneapolistan and the cashier said she needed my ID. For WHAT?????????? One of my items was a replacement band for a wrist rocket. Had to be over 18. I was in my 50’s. Oy vey.
Last time I was there, I bought a pack of "AAA" batteries.
They had me fill out a complicated 4-ply carbon copy form with an ink pen. I had to provide my full mailing address and phone number so that I could get their catalogs and telemarketing calls. <>P Canary copy went to corporate, yellow copy was kept at the store, white copy went who knows where, and the pink copy went to me as a receipt.
Last time I was there, I bought a pack of "AAA" batteries.
They had me fill out a complicated 4-ply carbon copy form with an ink pen. I had to provide my full mailing address and phone number so that I could get their catalogs and telemarketing calls. <>P Canary copy went to corporate, yellow copy was kept at the store, white copy went who knows where, and the pink copy went to me as a receipt.
Radio Shack/Tandy should be a business school study in how a chain with a proven formula deviated from what works for trying to grasp what doesn’t work.
Investing in bankrupt companies doesn’t seem like sound investing.
Investing in bankrupt companies doesn’t seem like sound investing.
[What’s weird is that Tandy Electronics and Radio Shack were owned by the Tandy Corporation, which began as a leather goods company.
Tandy still is in the leather goods business today, although after Radio Shack collapsed they were kicked around the acquisition field for years before the company stabilized.]
I miss Tandy Leather Co...
It is all available online through various sources but it’s not the same as going to the store to look at everything.
Life was much simpler back when we had simple transistor AM/FM radios. Small enough to fit in a pocket. And there were also quartz radios.
And no social media back then. If you wanted something to do there were hordes of hobbies and other things that got a person out of the house and mixing with real people in person.
Is there an address for RadioShack? I’d like to upgrade my TRS-80’s memory from 256K to 512K so my daily Freeping will go faster.
Me too. Radio Shack was unique, plus I was a part timer there for a couple years.
Someone should start up a similar store. I’ll bet computer components would sell big.
Me too. Radio Shack was unique, plus I was a part timer there for a couple years.
Someone should start up a similar store. I’ll bet computer components would sell big.
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