This case was last updated from U.S. District Courts on 09/30/2025 at 19:36:51 (UTC).

Securities and Exchange Commission v. Natario et al

Case Summary

On 05/21/2025 Securities and Exchange Commission filed a Civil - Securities and Financial Instruments lawsuit against Natario. This case was filed in U.S. District Courts, Nevada District. The Judges overseeing this case are James C. Mahan and Elayna J. Youchah. The case status is Open.
Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    2:25-cv-00895

  • Filing Date:

    05/21/2025

  • Case Status:

    Open

  • Case Type:

    Civil - Securities and Financial Instruments

Complaint

transactions, practices, or courses of conduct constituting violations of the federal securities laws occurred within this district.

4. For example, during the time of the conduct alleged in the Complaint, the relevant securities were offered and sold in this district, and Defendants solicited certain investors residing in this district. Further, Defendants used the bank accounts of a Nevada corporation headquartered in this district to obtain and misappropriate investor funds and carry out the fraudulent scheme.

SUMMARY

5. This is a civil enforcement action concerning a fraudulent scheme—featuring Ponzi payments whereby early investors were paid returns from later investors’ money—carried out by Defendants beginning no later than February 2020 and continuing through at least August 2021 . During that period, Defendants lied repeatedly to investors, including about how investor funds would be used, and engaged in other fraudulent and deceptive conduct.

6. Between February 2020 and February 2021 , Natario and Baker defrauded approximately 23 investors out of more than $10 million, soliciting and selling investments in a purported venture involving merchant cash advances (“MCAs”)—short-term loans to small businesses in need of immediate capital. Natario and Baker developed written purchase agreements they provided to investors and later signed. In those purchase agreements, they falsely promised investors that their money would be placed in MCAs and that the investors would earn 16% to 18% returns for every 12-week investment period. However, unbeknownst to investors, but as Natario and Baker each knew, or were reckless in not knowing, there were no MCAs and thus no MCA venture. And any purported returns paid to investors were financed, not from any actual MCA transactions, but with other investors’ money through Ponzi payments.

7. Natario and Baker had clear roles in carrying out this fraudulent scheme. Natario, through the bank accounts of a Nevada company he acquired at the end of 2019 , received and controlled all invested funds, and made all the Ponzi payments in furtherance of the scheme. Baker, meanwhile, solicited investors in the purported MCA venture, mostly from a private networking group of entrepreneurs in Tampa, Florida, to which he belonged.

8. In addition to the false and misleading statements he and Natario made in the written


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purchase agreements, Baker also told investors, among other misrepresentations, that the default rate for the MCA loans (that were never actually made) was minimal, miniscule, or four percent (depending on which investor he was misleading at the time). Baker also told investors he had personally invested millions of dollars in the MCA venture and had taken out a home equity line of credit to do so—statements that Baker knew to be false and misleading. Incredibly, Baker—in soliciting a $250,000 investment from a Nevada resident (Investor G, see infra § II(E)) in or around September 2020 —falsely represented that he had invested over $45 million in the MCA venture.

9. Ultimately, Natario used nearly $3 million in investor funds to make purported “interest” (but, really, Ponzi) payments to investors, creating the false and misleading appearance that the MCA venture was successful. As a result, many investors, at Baker’s urging, chose to “roll over” their principal and interest into new MCA investments, enabling Defendants to perpetuate the scheme.

10. Defendants also used investor funds to enrich themselves. Natario sent Baker over $1 million during the life of the scheme, and Natario also used investor funds to pay credit card bills, purchase real property, and pay for personal travel and vacations.

11. By February 2021 , investor withdrawal requests were outpacing Defendants’ ability to fraudulently solicit additional investments. In response to investor questions and complaints, Baker and Natario offered various false and misleading excuses, including that the bank had frozen the relevant account.

12. Later in 2021 , Baker stopped responding to investors altogether, and Natario continued to deceive investors. For example, in August 2021 , Natario sent one investor a sham monthly bank statement that he had doctored to reflect a fictitious account balance of approximately $5.8 million. In truth, the balance for that account at the time was $18.

13. By engaging in this conduct and as alleged further herein, the Defendants each violated Section 17(a) of the Securities Act [15 U.S.C. § 77q], and Section 10(b) of the Exchange Act, [15 U.S.C. § 78j(b)] and Rule 10b-5 [17 C.F.R. §240.10b-5] thereunder.

14. The SEC seeks permanent injunctions; disgorgement of Defendants’ ill-gotten gains derived from the conduct alleged in the Complaint, plus prejudgment interest thereon; and civil

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Judge Details

Presiding Judge

James C. Mahan

Referral Judge

Elayna J. Youchah

 

Party Details

Plaintiff

Securities and Exchange Commission

Defendants

Jefferson Scott Baker

Joel J. Natario

Patch

Attorney/Law Firm Details

Plaintiff Attorney

Nicholas C. Margida

Defendant Attorneys

Bart K Larsen

James Allen Beckstrom, II

Alejandro O. Soto

 

Court Documents

#21

(#21) CERTIFICATE of Interested Parties by Jefferson Scott Baker. There are no known interested parties other than those participating in the case (Larsen, Bart) (Entered: 09/24/2025)

#20

(#20) ANSWER to #1 Complaint,, DEFENDANT JEFFERSON SCOTT BAKERS ANSWER TO COMPLAINT filed by Jefferson Scott Baker.(Larsen, Bart) (Entered: 09/24/2025)

#18

(#18) CERTIFICATE of Interested Parties by Joel J. Natario. There are no known interested parties other than those participating in the case (Beckstrom, James) (Entered: 09/24/2025)

#17

(#17) ANSWER to #1 Complaint,, with Jury Demand Defendant Joel Natario's Answer and Affirmative Defenses to Complaint filed by Joel J. Natario. Certificate of Interested Parties due by 10/4/2025. Discovery Plan/Scheduling Order due by 11/8/2025.(Beckstrom, James) NOTICE of Certificate of Interested Parties requirement: Under Local Rule 7.1-1, a party must immediately file its disclosure statement with its first appearance, pleading, petition, motion, response, or other request addressed to the court. (Entered: 09/24/2025)

#16

(#16) ORDER Granting #15 Unopposed Motion to Extend Time to Answer or Otherwise Respond to Complaint. Joel J. Natario answer due 9/24/2025. Signed by Magistrate Judge Elayna J. Youchah on 8/25/2025. (Copies have been distributed pursuant to the NEF - RJDG) (Entered: 08/26/2025)

#15

(#15) Unopposed MOTION to Extend Time (First Request) to Answer or Otherwise Respond re #1 Complaint,, by Defendant Joel J. Natario. Responses due by 9/8/2025. (Soto, Alejandro) (answer) (Entered: 08/25/2025)

#13

(#13) Unopposed MOTION to Extend Time (Second Request) DEFENDANT JEFFERSON SCOTT BAKERS UNOPPOSED MOTION TO EXTEND TIME TO ANSWER OR OTHERWISE RESPOND TO COMPLAINT re #6 Order on Stipulation,,, #1 Complaint,, by Defendant Jefferson Scott Baker. Responses due by 9/5/2025. (Larsen, Bart) (answer) (Entered: 08/22/2025)

#6

(#13) Unopposed MOTION to Extend Time (Second Request) DEFENDANT JEFFERSON SCOTT BAKERS UNOPPOSED MOTION TO EXTEND TIME TO ANSWER OR OTHERWISE RESPOND TO COMPLAINT re #6 Order on Stipulation,,, #1 Complaint,, by Defendant Jefferson Scott Baker. Responses due by 9/5/2025. (Larsen, Bart) (answer) (Entered: 08/22/2025)

#5

(#6) ORDER - IT IS HEREBY ORDERED that the Parties' Stipulation to Extend Responsive Pleading Deadline (ECF No. #5 ) is GRANTED. IT IS FURTHER ORDERED that the time for Defendants to file their answers or other pleadings responsive to Plaintiff's Complaint shall be extended until August 25, 2025. Signed by Magistrate Judge Elayna J. Youchah on 7/15/2025. (Copies have been distributed pursuant to the NEF - DLS) (Entered: 07/15/2025)

#4

(#4) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Joel J. Natario waiver sent on 6/4/2025, answer due 8/3/2025. (Margida, Nicholas) (Entered: 06/11/2025)

#3

(#3) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Jefferson Scott Baker waiver sent on 6/4/2025, answer due 8/3/2025. (Margida, Nicholas) (Entered: 06/05/2025)

#2

(#2) SUMMONS ISSUED as to Jefferson Scott Baker, Joel J. Natario re #1 Complaint. (AMMi) (Entered: 05/22/2025)

1 #3

Summons

1 #2

Summons

1 #1

Civil Cover Sheet

#1

(#13) Unopposed MOTION to Extend Time (Second Request) DEFENDANT JEFFERSON SCOTT BAKERS UNOPPOSED MOTION TO EXTEND TIME TO ANSWER OR OTHERWISE RESPOND TO COMPLAINT re #6 Order on Stipulation,,, #1 Complaint,, by Defendant Jefferson Scott Baker. Responses due by 9/5/2025. (Larsen, Bart) (answer) (Entered: 08/22/2025)

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Docket Entries

09/24/2025
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Docket(#21) CERTIFICATE of Interested Parties by Jefferson Scott Baker. There are no known interested parties other than those participating in the case (Larsen, Bart) (Entered: 09/24/2025)

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09/24/2025
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Docket(#20) ANSWER to #1 Complaint,, DEFENDANT JEFFERSON SCOTT BAKERS ANSWER TO COMPLAINT filed by Jefferson Scott Baker.(Larsen, Bart) (Entered: 09/24/2025)

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09/24/2025
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Docket(#19) CLERK'S NOTICE Regarding Local Rule IC 5-1(b). ECF No. #17 was not filed pursuant to LR IC 5-1(b). Please note the signatory must be the attorney or pro se party who electronically files the document. No further action is required concerning this document at this time. (no image attached) (LE) (Entered: 09/24/2025)

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09/24/2025
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Docket(#18) CERTIFICATE of Interested Parties by Joel J. Natario. There are no known interested parties other than those participating in the case (Beckstrom, James) (Entered: 09/24/2025)

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09/24/2025
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Docket(#17) ANSWER to #1 Complaint,, with Jury Demand Defendant Joel Natario's Answer and Affirmative Defenses to Complaint filed by Joel J. Natario. Certificate of Interested Parties due by 10/4/2025. Discovery Plan/Scheduling Order due by 11/8/2025.(Beckstrom, James) NOTICE of Certificate of Interested Parties requirement: Under Local Rule 7.1-1, a party must immediately file its disclosure statement with its first appearance, pleading, petition, motion, response, or other request addressed to the court. (Entered: 09/24/2025)

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08/25/2025
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Docket(#16) ORDER Granting #15 Unopposed Motion to Extend Time to Answer or Otherwise Respond to Complaint. Joel J. Natario answer due 9/24/2025. Signed by Magistrate Judge Elayna J. Youchah on 8/25/2025. (Copies have been distributed pursuant to the NEF - RJDG) (Entered: 08/26/2025)

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08/25/2025
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Docket(#15) Unopposed MOTION to Extend Time (First Request) to Answer or Otherwise Respond re #1 Complaint,, by Defendant Joel J. Natario. Responses due by 9/8/2025. (Soto, Alejandro) (answer) (Entered: 08/25/2025)

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08/22/2025
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Docket(#14) MINUTE ORDER IN CHAMBERS of the Honorable Magistrate Judge Elayna J. Youchah on 8/22/2025. By Judicial Assistant: E. Santiago.Pending before the Court is Defendant Jefferson Scott Baker's Unopposed Motion to Extend Time to Answer or Otherwise Respond to Complaint. ECF No. #13 . IT IS HEREBY ORDERED that the Unopposed Motion to Extend Time to Answer or Otherwise Respond to Complaint (ECF No. #13 ) is GRANTED. (no image attached) (Copies have been distributed pursuant to the NEF - ES) (Entered: 08/22/2025)

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08/22/2025
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Docket(#13) Unopposed MOTION to Extend Time (Second Request) DEFENDANT JEFFERSON SCOTT BAKERS UNOPPOSED MOTION TO EXTEND TIME TO ANSWER OR OTHERWISE RESPOND TO COMPLAINT re #6 Order on Stipulation,,, #1 Complaint,, by Defendant Jefferson Scott Baker. Responses due by 9/5/2025. (Larsen, Bart) (answer) (Entered: 08/22/2025)

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08/13/2025

Docket(#12) CLERK'S NOTICE Regarding Local Rule IC 2-1. Attorney Alejandro O. Soto is in violation of Local Rule IC 2-1(a) and 2-1(d). You are required to register to file documents electronically in the Court's electronic filing system (CM/ECF) and the electronic service of pleadings and other papers. Please visit the PACER website www.pacer.gov to complete the registration. (no image attached) (LE) (Entered: 08/13/2025)

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08/01/2025
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Docket(#9) MINUTE ORDER IN CHAMBERS of the Honorable Judge James C. Mahan on 8/1/2025. By Deputy Clerk: C. Torres. IT IS HEREBY ORDERED that a ruling on Verified Petition for Permission to Practice Pro Hac Vice and Designation of Local Counsel #8 is DEFERRED.IT IS FURTHER ORDERED that Petitioner, Alejandro O. Soto, shall provide a current Certificate of Good Standing from the State Bar of Florida and District of Columbia, in accordance with the instruction set forth on Page 2, No. 3, of the Verified Petition.Petitioner shall have 14 days from the entry of this order to file the corrected Verified Petition using the "Notice of Corrected Image/Document" event and link to ECF. #8 . Failure to timely remedy this deficiency will result in the denial of the Verified Petition, and Petitioner will be required to refile and to repay the filing fee.(no image attached) (Copies have been distributed pursuant to the NEF - CT) (Entered: 08/01/2025)

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07/31/2025
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Docket(#8) MOTION/VERIFIED PETITION for Permission to Practice Pro Hac Vice by Alejandro O. Soto and DESIGNATION of Local Counsel James A. Beckstrom (Filing fee $ 250 receipt number ANVDC-8130272) by Defendant Joel J. Natario. (Beckstrom, James) (Entered: 07/31/2025)

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07/30/2025
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Docket(#7) NOTICE of Appearance by attorney James Allen Beckstrom, II on behalf of Defendant Joel J. Natario. Notice of Appearance of Counsel (Beckstrom, James) (Entered: 07/30/2025)

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07/15/2025
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Docket(#6) ORDER - IT IS HEREBY ORDERED that the Parties' Stipulation to Extend Responsive Pleading Deadline (ECF No. #5 ) is GRANTED. IT IS FURTHER ORDERED that the time for Defendants to file their answers or other pleadings responsive to Plaintiff's Complaint shall be extended until August 25, 2025. Signed by Magistrate Judge Elayna J. Youchah on 7/15/2025. (Copies have been distributed pursuant to the NEF - DLS) (Entered: 07/15/2025)

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07/15/2025
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Docket(#5) STIPULATION FOR EXTENSION OF TIME (First Request) by Plaintiff Securities and Exchange Commission. (Margida, Nicholas) (extend) (answer) (Entered: 07/15/2025)

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06/11/2025
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Docket(#4) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Joel J. Natario waiver sent on 6/4/2025, answer due 8/3/2025. (Margida, Nicholas) (Entered: 06/11/2025)

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06/05/2025
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Docket(#3) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Jefferson Scott Baker waiver sent on 6/4/2025, answer due 8/3/2025. (Margida, Nicholas) (Entered: 06/05/2025)

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05/22/2025
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Docket(#2) SUMMONS ISSUED as to Jefferson Scott Baker, Joel J. Natario re #1 Complaint. (AMMi) (Entered: 05/22/2025)

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05/21/2025

DocketCase randomly assigned to Judge James C. Mahan and Magistrate Judge Elayna J. Youchah. (AMMi) (Entered: 05/22/2025)

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05/21/2025
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Docket(#1) COMPLAINT against All Defendants by Securities and Exchange Commission. Certificate of Interested Parties due by 5/31/2025. Proof of service due by 8/19/2025. (Attachments: #1 Civil Cover Sheet, #2 Summons, #3 Summons) (Margida, Nicholas) NOTICE of Certificate of Interested Parties requirement: Under Local Rule 7.1-1, a party must immediately file its disclosure statement with its first appearance, pleading, petition, motion, response, or other request addressed to the court. (Entered: 05/21/2025)

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