The Securities and Exchange Commission on Friday said three men previously charged with operating an ongoing Ponzi scheme that raised more than $345 million from over 230 investors across the U.S. have agreed to permanent injunctions barring further fraudulent conduct.

The conclusion of the civil case on Friday comes months after Kevin B. Merrill of Towson, Md., Jay B. Ledford of Westlake, Texas, and Las Vegas, and Cameron Jezierski of Fort Worth, Texas, pleaded guilty to criminal charges in connection with the scheme in the spring. They are awaiting sentencing in U.S. District Court.

The SEC complaint alleged that the men, working out of Maryland, Delaware and Texas, used 20 entities and 55 bank accounts to defraud 230 investors including financial advisors using much of the funds to finance luxury homes, high-stakes gambling, 25 exotic cars and a jewelry collection including a 23-carat diamond bracelet.

The complaint said from 2013 to 2018, Merrill, Ledford and Jezierski attracted investors to their scheme by promising significant profits from the purchase and resale of consumer debt portfolios. But in fact, the defendants were using “a web of lies, fabricated documents, and forged signatures in an elaborate scheme to entice investors and perpetuate the fraud,” the SEC alleged.

Rather than direct investor funds to the acquisition and servicing of debt portfolios as promised, the defendants allegedly used the funds to make Ponzi-like payments to earlier investors and fund luxury purchases.

Of the $345 million raised, more than $90 million was invested by more than 200 individual investors; about  $52 million by family offices; and nearly $203 million by feeder funds, largely made up of groups of individuals, the SEC said. These investors included financial advisors, small business owners, restaurateurs, construction contractors, retirees, doctors, lawyers, accountants, bankers, talent agents, current and former professional athletes.

Under the terms of the settlement, disgorgement, prejudgment interest, and civil penalty will be determined by the court.