Attorney General Alan Wilson brings action against Charleston resident for securities fraud

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced today that the Securities Division of the Office of the South Carolina Attorney General (the “Division”) has filed a regulatory action against Elements of Genius, Inc. d/b/a Wellnest, and Jonathan E. Ramaci (“Ramaci”) (collectively, “Wellnest”).  The Division’s Order to Cease and Desist alleges that Wellnest violated the South Carolina Securities Act by engaging in securities fraud in the offering and selling of unregistered or unqualified securities.

The Division alleges that Wellnest offered and sold unregistered securities to at least 35 investors raising at least $4 million dollars.  The Division also alleges that Wellnest made material misrepresentations to investors to convince them to invest their hard-earned savings.  The Division further alleges that Wellnest misappropriated at least $1.2 million of investor funds by either diverting funds to another company Ramaci controlled, Mobile Life Labs, or by conversion for personal use.

A federal grand jury returned a three-count indictment against Ramaci for wire fraud for which Ramaci could face a maximum penalty of twenty years for each count.

The case was investigated by the Division in coordination with the Federal Bureau of Investigation and with the assistance of the U.S. Attorney’s Office for the District of South Carolina.

Attorney General Wilson stressed that Mr. Ramaci and his company have 30 days to answer the Division’s Order to Cease and Desist and request an administrative hearing.

The Division can be reached by calling 803-734-9916 or by emailing to [email protected].  Investors can submit a complaint or learn more about the Division by visiting the Attorney General’s Office website at https://www.scag.gov/inside-the-office/legal-services-division/securities.