Bernardo Mendia-Alcaraz and Toltec Capital LLC

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26457 / January 6, 2026

Securities and Exchange Commission v. Bernardo Mendia-Alcaraz, et al., No. 3:24-cv-05823-RS (N.D. Cal. filed Aug. 23, 2024)

SEC Obtains Final Judgment as to Private Equity Firm and Managing Partner in Alleged Offering Fraud

On December 16, 2025, the U.S. District Court for the Northern District of California entered a final judgment as to Bernardo Mendia-Alcaraz, his private equity firm, Toltec Capital LLC, and two relief defendants, in connection with previously filed fraud charges.

The SEC’s complaint, filed on August 23, 2024, alleged that from at least December 2019 through September 2023, the defendants raised approximately $3.3 million from investors by making false and misleading statements. According to the complaint, Mendia-Alcaraz used investor funds to make Ponzi-like payments to other investors and for personal expenses. The complaint also alleged that relief defendants, Edith F. Ramirez Cano and Fondo Toltec S de RL de CV, received proceeds from the alleged fraudulent scheme.

The final judgment, entered by default, permanently enjoins Mendia-Alcaraz and Toltec Capital from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, Sections 5(a) and (c), and 17(a) of the Securities Act of 1933, and Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder; permanently enjoins Mendia-Alcaraz from participating in the issuance, purchase, offer or sale of securities, except for purchases or sales for his personal accounts; and prohibits Mendia-Alcaraz from serving as an officer or director of a publicly traded company. The final judgment also holds Mendia-Alcaraz and Toltec Capital jointly and severally liable for disgorgement of $2,207,524 and prejudgment interest of $150,866, and, of those amounts, holds relief defendants Fondo Toltec and Ramirez Cano liable—jointly and severally with the defendants—for disgorgement of $554,563 and $3,654, respectively, plus prejudgment interest of $37,899 and $249, respectively. Lastly, the final judgment orders Mendia-Alcaraz to pay a civil penalty of $2,207,524.

The SEC’s litigation was led by Daniel Ball, with the assistance of Zachary Scrima, under the supervision of David Nasse. The investigation was conducted by Daniel Ball, Laura Cunningham, and Zachary Scrima, under the supervision of Melissa A. Robertson and Pei Y. Chung.