SAN DIEGO — A North County man was indicted by a federal grand jury for allegedly running a fraudulent investment scheme worth over $8 million, prosecutors said.

Richard Lee Ramirez is accused of using his company MJ Capital Group (JMJ) to solicit investors since 2018, Kelly Thornton with the Office of the United States Attorney Southern District of California stated in a news release Tuesday. He claimed to have purchased and resold PPE, furniture, among other things.

In a Ponzi-style scheme, however, he made payments to investors rather than investing in those alleged business opportunities. According to the indictment, he used the profits for personal expenses, including luxury cars and potential real estate transactions.

In total, court statements revealed investors were robbed of at least $5 million.

“Ramirez gained the trust of his clients and allegedly used that trust to fund a life of luxury for himself by taking the hard-earned money of his investors,” said Stacey Moy, Special Agent in Charge of the FBI San Diego Field Office. “The FBI remains committed to pursuing justice for all victims of fraud.”

Ramirez was arrested last Friday near Mira Mesa. His next criminal case hearing is set for Nov. 7.