A $44 million Ponzi Scam has been Accused of Stealing $18 Million in Assets!

Sam Ikkurty, Ravishankar Avadhanam, and Jafia LLC are the defendants, and a status hearing is planned for May 25, 2022. It is alleged that rather than investing the funds in order to earn a passive income through staking or well-managed trading, the defendants reassigned cash to other users in a Ponzi scheme-like manner. The Rose City Income Fund website appears to be geared at the elderly, claiming that "retirees are unable to generate any income from their savings" despite the fact that their fund is "focused on capital preservation".