Press Release: Permanent Injunction Entered Against Denver Man for Alleged Romance Investment Scheme

Denver - December 17, 2024 - Colorado Securities Commissioner Tung Chan and Joseph G. Holder Jr. of Denver, aka JR Holder, agreed to a stipulated entry of permanent injunction related to allegations of a romance scam to defraud women. Holder agreed to refrain from selling or offering to sell securities or investments in, from, or to anyone in Colorado and represented that he repaid all investors.

Commissioner Chan filed a civil complaint against Holder on January 31, 2024, based on allegations that Holder targeted women he met via dating applications or at the gym to invest through him in a company offering hyaluronic acid injections. The complaint alleged that investors were told they would earn returns between seven to 10 times greater than their initial investment and that they could get their money back at any time, neither of which were true. The complaint further alleged that Holder didn't invest the money and used it for himself.

As part of the settlement, the civil case has been dismissed with prejudice with the Court retaining jurisdiction for the orderly administration of the action.

"Romance and the holidays can feel like a dream, but losing your money to an online scammer is not. It's a red flag if someone on a dating app encourages you to invest in a business opportunity," said Commissioner Chan. "We urge consumers to be skeptical online and reach out to us if they have been targeted in an investment scam."

If you have been involved in an investment scam, contact the Division of Securities at [email protected] or call 303-894-2320. To verify that someone promoting an investment opportunity is licensed, visit Investor.gov.

About DORA and the Division of Securities

DORA is the state's umbrella regulatory agency, charged with managing licensing and registration for multiple professions and businesses, implementing balanced regulation for Colorado industries and protecting consumers. Our nearly 600 employees are dedicated to preserving the integrity of the marketplace and promoting a fair and competitive business environment throughout Colorado.

The Division of Securities exists to protect investors and maintain confidence in the securities market, while avoiding unreasonable burdens on the marketplace by licensing securities professionals, enforcing securities law violations and helping Coloradans become more informed investors. Visit securities.colorado.gov to learn more.