
In September 2024, the U.S. Securities and Exchange Commission (SEC) filed a civil complaint against Maria Dulce Pino Dickerson, along with her companies Creative Legal Fundings in CA and The Ubiquity Group LLC, for orchestrating a Ponzi-like scheme that defrauded over 130 investors, many of whom were Filipino Americans, out of approximately $7 million. The scheme, which ran from March 2021 to May 2023, involved false promises of high monthly returns from unregistered securities and the misappropriation of investor funds for personal expenses.
Key Allegations:
- Fraudulent Offerings of Unregistered Securities:
- Dickerson falsely claimed that her company, Creative Legal Fundings, was in the business of providing loans to personal injury lawyers in exchange for a share of eventual settlements or awards. She promised investors guaranteed monthly returns ranging from 10% to 17.5%, depending on the size of their investment.
- In reality, Creative Legal Fundings never made any loans or generated revenue. Instead, Dickerson used new investor funds to pay prior investors in a Ponzi-like fashion, while siphoning off more than $2.5 million for personal use.
- Misappropriation of Investor Funds:
- Dickerson used investor money to fund a lavish lifestyle, including purchasing a $1 million house, gambling at casinos in Las Vegas and California, and spending large sums on luxury goods and travel. She misappropriated more than $280,000 at casinos and over $23,000 on designer items.
- Collapse of Creative Legal Fundings and Launch of Ubiquity Group:
- By late 2022, Dickerson was struggling to pay the promised returns to her investors. She falsely claimed that Creative Legal Fundings’ bank accounts had been frozen due to a money laundering investigation. After closing Creative Legal Fundings in May 2023, Dickerson created a new entity, The Ubiquity Group LLC, and continued to solicit funds by recycling the same fraudulent promises of high returns.
- Dickerson invited some existing investors to roll over their investments from Creative Legal Fundings into Ubiquity. One investor, for example, had initially invested $250,000 but was falsely told that his account had grown to $2.5 million due to fake monthly returns.
- False Promises and Misleading Contracts:
- Investors signed contracts that falsely promised guaranteed monthly returns and the ability to withdraw their investments with 30 days’ notice. In addition, Dickerson falsely claimed that high-profile executives were co-founders of Creative Legal Fundings, further enhancing her credibility among investors.
- None of the contracts were legally binding partnerships, despite being styled as “General Partnership Agreements,” and investors were passive, with no role in the company’s operations.
SEC’s Legal Claims:
The SEC’s complaint charges Dickerson and her companies with violating multiple federal securities laws, including:
- Section 10(b) of the Securities Exchange Act and Rule 10b-5 (fraud in connection with the purchase or sale of securities).
- Section 17(a) of the Securities Act (fraud in the offer or sale of securities).
- Sections 5(a) and 5(c) of the Securities Act (sale of unregistered securities).
Relief Sought by the SEC:
The SEC is seeking:
- Permanent injunctions to prevent Dickerson and her companies from engaging in further violations of securities laws.
- Disgorgement of all ill-gotten gains with prejudgment interest.
- Civil monetary penalties.
- A bar preventing Dickerson from serving as an officer or director of any public company.
Conclusion:
This case underscores the importance of conducting due diligence when considering investments, particularly when high returns are promised with little explanation. The SEC’s action against Maria Dulce Pino Dickerson highlights the need for transparency and accountability in the financial sector, and serves as a warning to others who may seek to defraud investors. Investors should always be wary of schemes promising guaranteed returns, especially when the details behind the investment strategy are unclear.
About Michael Rasmussen

Michael Rasmussen is the founder of United Atlantic Legal Services. He is a licensed attorney in Florida and registered solicitor in the United Kingdom. Michael has acted as General Counsel and Chief Compliance Officer to several investment advisers, including private fund managers, responsible for the management of billions of dollars in client assets.
Michael is also the founder of FinProLaw, an online learning platform where Michael has created courses designed for investment adviser compliance professionals. These courses include:
- Investment Adviser Compliance Essential for Chief Compliance Officers
- Foundations of Investment Adviser Compliance
- What is a “Security”?
- Investment Adviser Marketing Rule
- Regulation A – Exemption from Registration
- Regulation Crowdfunding – Exemption from Registration
- Regulation D – Exemption from Registration
Michael can also be found on LinkedIn.
Investment adviser firms who are also clients of United Atlantic Legal Services can receive many of these courses at a significantly reduced fee or, in some cases, at no expense. Contact us today or visit the FinProLaw to learn more.