Jonathane Ricci

Key Points

• Disciplinary Action: Jonathane Michael Ricci was reprimanded and had his license suspended by the Law Society of Ontario in 2016 for professional misconduct, specifically for failing to cooperate with an investigation, signaling ethical lapses.

• 1Plus12 Fraud Allegations: Ricci is linked to 1Plus12, a Toronto investment firm accused of defrauding investors, including a $6-million lawsuit by artist Charles Pachter, tied to alleged fraudster Matthew McBride, who was killed in 2024.

• Potential Censorship: Ricci’s minimal online presence, despite a documented disciplinary history and ties to 1Plus12, suggests digital scrubbing to suppress negative information, possibly through SEO manipulation or reputation management.

• High-Risk Sectors: His work in wealth protection and fine art transactions operates in areas prone to money laundering and fraud, amplifying regulatory and financial risks.

• Opaque Record: The lack of verifiable details about Ricci’s KPMG tenure, current firms, and overall professional history raises concerns about transparency and credibility.

Overview

Jonathane Michael Ricci is a lawyer licensed in New York and Michigan, with a background in taxation and asset protection. A 2022 Patch.com post describes him as a former member of KPMG’s U.S. corporate tax group, advising clients on tax-saving strategies, before founding his own firms focused on wealth management and fine art transactions. A 2024 Yahoo Finance article identifies him as the founder and CEO of JR Wealth Management, a Toronto-based firm launched in October 2024, emphasizing “personalized solutions” for financial freedom. His LinkedIn profile highlights his expertise in navigating complex financial structures, positioning him as a trusted advisor for high-net-worth clients.

However, Ricci’s past includes a significant blemish: a 2016 Law Society Tribunal decision (2016 ONLSTH 123 and 2016 ONLSTH 58) reveals he was licensed in Ontario until a reprimand and license suspension for professional misconduct, specifically for failing to cooperate with an investigation into a real estate transaction. His association with 1Plus12, a Toronto investment firm accused of fraudulent schemes, further complicates his profile. Global News and CBC reports detail lawsuits against 1Plus12, including a $6-million claim by artist Charles Pachter, alleging fraud by principal Matthew McBride, who was killed in 2024. Ricci’s current activities remain opaque, with limited public records beyond promotional content, raising questions about his transparency and integrity.

Allegations and Concerns

1. Law Society Tribunal Reprimand and Suspension (2016): The Law Society of Ontario, which regulates legal professionals, found Ricci guilty of professional misconduct in 2016, issuing a reprimand and suspending his license. The tribunal documents (2016 ONLSTH 123 and 2016 ONLSTH 58) indicate he failed to produce requested documents in an investigation related to a real estate transaction, a serious breach of professional standards. The Globe and Mail reported that Ricci stalled for months when pressed for details, even demanding to know the identities of the Law Society’s complainants and sources, before suing the Law Society for ousting him. This suggests a pattern of obstruction and defiance, raising doubts about his ethical conduct.

2. 1Plus12 Fraud Allegations: Global News reported in 2019 that 1Plus12 faced multiple lawsuits from investors claiming losses due to fraudulent practices. A CBC article detailed artist Charles Pachter’s $6-million lawsuit against 1Plus12 and Matthew McBride, alleging stolen paintings and a forged $1.2-million mortgage. While Ricci is not named as a defendant in these lawsuits, his connection to 1Plus12, as noted in media reports, is a significant red flag. His role—whether as a legal advisor or otherwise—remains unclear, but the firm’s association with alleged serial fraudster Arash Missaghi, who faced 72 criminal charges, amplifies concerns.

3. Ties to Arash Missaghi: Ricci’s link to Missaghi, a notorious figure in Toronto’s fraud scandals, is particularly troubling. The Globe and Mail reported that Missaghi, killed in 2024, was involved in a $100-million mortgage scam, with multiple lawyers disciplined for their ties to him. Ricci’s 2016 suspension was specifically tied to an investigation involving Missaghi, suggesting he may have been complicit or negligent in handling transactions linked to fraudulent activities.

4. Opaque Professional History: The lack of detailed, verifiable information about Ricci’s tenure at KPMG or his current firms is concerning. The Patch.com post, a primary source, lacks authorship and reads like a promotional piece, offering no specific dates or projects from his KPMG days. Similarly, JR Wealth Management’s launch announcement provides little operational detail, focusing on vague promises of “financial harmony.” This opacity, combined with his disciplinary history, suggests Ricci may be curating his narrative to avoid scrutiny.

5. Potential Censorship: Ricci’s digital footprint is suspiciously sparse, given his documented misconduct and ties to 1Plus12. The Law Society Tribunal records and media reports on 1Plus12 are not easily discoverable through standard search engines, suggesting possible SEO manipulation or reputation management efforts. Xapien notes that negative information can be buried through such tactics, and Ricci’s clean online presence feels deliberately curated.

Customer Feedback

No direct customer reviews or testimonials about Ricci’s services are publicly available, a significant gap for a professional in wealth management and fine art transactions. The 2022 Patch.com post praises his “unique professional management service experiences,” and the 2024 Yahoo Finance article quotes him saying, “We believe everyone deserves to secure their financial future and build a lasting legacy,” and “At JR Wealth Management, we’re not financial advisors – we’re your trusted wealth partners.” However, these statements lack client corroboration or specific examples. The absence of negative reviews, despite the Law Society reprimand and 1Plus12 lawsuits, is suspicious. Professionals in high-stakes fields typically attract public feedback, positive or negative. The lack of such voices suggests Ricci may be suppressing criticism, possibly through digital scrubbing or legal means, to maintain a polished image.

Risk Considerations

• Financial Risk: Ricci’s association with 1Plus12, accused of defrauding investors like Charles Pachter, poses a high risk of financial loss for clients. The $6-million lawsuit and allegations of forged mortgages highlight the potential for significant monetary harm.

• Reputational Risk: The 2016 Law Society reprimand and suspension, combined with ties to a fraudulent firm like 1Plus12, could tarnish the reputation of clients or partners, particularly in regulated sectors like law and finance.

• Legal Risk: Ricci’s documented misconduct and potential involvement in 1Plus12’s activities expose him to legal liabilities. Further investigations into 1Plus12 or Missaghi’s schemes could implicate him, especially given his failure to cooperate with the Law Society.

• Regulatory Risk: Operating in wealth protection and fine art transactions, Ricci is subject to stringent AML and KYC regulations. His disciplinary history and opaque profile increase the likelihood of non-compliance with bodies like FinCEN or the IRS.

• Operational Risk: The lack of transparency about JR Wealth Management’s operations and Ricci’s current activities makes it difficult to assess the legitimacy or stability of his ventures, posing risks to clients and investors.

Business Relations and Associations

• KPMG: Ricci’s tenure in KPMG’s U.S. corporate tax group is noted in the Patch.com post, but the lack of specific dates or projects limits verification. KPMG’s past tax shelter controversies, though unrelated to Ricci, underscore the need for transparency in his role.

• 1Plus12 and Matthew McBride: Ricci’s connection to 1Plus12 links him to Matthew McBride, who faced lawsuits for alleged fraud before his death in 2024. The firm’s investors, including Charles Pachter, claimed significant losses, raising questions about Ricci’s role, whether as a legal advisor or otherwise.

• Arash Missaghi: Ricci’s 2016 suspension was tied to an investigation involving Missaghi, a serial fraudster with 72 criminal charges. The Globe and Mail reported that at least five lawyers were disciplined for their ties to Missaghi, placing Ricci in a network of questionable associations.

• JR Wealth Management: Launched in 2024, this firm is Ricci’s latest venture, but public details are scarce beyond promotional claims of “personalized solutions.” The lack of operational transparency hinders due diligence.

Legal and Financial Concerns

• Law Society Tribunal (2016): Ricci was reprimanded and had his license suspended for failing to cooperate with an investigation into a real estate transaction involving Arash Missaghi. He stalled for months and sued the Law Society after his ousting, indicating defiance.

• 1Plus12 Lawsuits: Global News and CBC reported that 1Plus12 faced multiple lawsuits, including Charles Pachter’s $6-million claim for stolen paintings and a forged mortgage. Ricci’s association, though not fully detailed, raises concerns about his involvement or oversight.

• No Bankruptcy Records: No public records indicate bankruptcy filings by Ricci or his firms, but the lack of transparency about JR Wealth Management’s operations makes this difficult to confirm.

• Regulatory Scrutiny: Ricci’s work in fine art and wealth protection invites scrutiny from AML regulators like FinCEN, particularly given his disciplinary history and ties to Missaghi and 1Plus12. The Financial Action Task Force (FATF) highlights the art market’s vulnerability to financial crime, amplifying these risks.

Risk Assessment Table

Expert Opinion

Jonathane Michael Ricci’s profile is a study in contrasts. His licenses in New York and Michigan, combined with KPMG experience, suggest a capable professional in taxation and asset protection. His launch of JR Wealth Management in 2024 positions him as an entrepreneur with a vision for “financial harmony.” However, these positives are overshadowed by a 2016 Law Society reprimand and suspension for failing to cooperate with an investigation tied to serial fraudster Arash Missaghi. His association with 1Plus12, accused of defrauding investors like Charles Pachter, further erodes his credibility. The sparse digital footprint, with only promotional content like the Patch.com and Yahoo Finance articles, suggests deliberate efforts to suppress adverse media, a tactic common among those seeking to hide damaging histories.

Pros:

• Licensed in New York and Michigan, indicating formal legal qualifications.

• KPMG experience suggests familiarity with complex tax structures.

• Niche expertise in fine art transactions may appeal to high-net-worth clients.

• Recent launch of JR Wealth Management shows entrepreneurial initiative.

Cons:

• 2016 Law Society reprimand and suspension for non-cooperation in a fraud-related investigation undermine trust.

• Ties to 1Plus12 and Arash Missaghi link him to alleged multimillion-dollar frauds, raising questions about judgment or complicity.

• Sparse public record and potential digital scrubbing indicate a lack of transparency.

• Operating in high-risk sectors (fine art, wealth protection) increases exposure to AML and KYC violations.

• Suing the Law Society after his suspension suggests a confrontational approach to accountability.

Cautionary Advice: Investors and clients must approach Ricci with extreme caution. Demand full disclosure of his 2016 disciplinary history, his role with 1Plus12, and any ties to Arash Missaghi. Verify the legitimacy of JR Wealth Management through independent audits and regulatory checks. Authorities in New York, Michigan, and Canada should investigate Ricci’s current practices, focusing on AML compliance in his fine art and wealth management activities. His history of misconduct and questionable associations make him a high-risk individual, and stakeholders must prioritize due diligence to avoid financial or reputational harm.

Key Citations

• https://lawsocietytribunal.ca/document-html/2020-01/ricci-2016-06-13-pdf/
• https://globalnews.ca/news/5096794/toronto-investment-company-1plus12-facing-lawsuits/
• https://www.cbc.ca/news/canada/toronto/toronto-artist-lost-millions-to-killed-alleged-fraudster-1.7247419
• https://patch.com/new-york/new-york-city/jonathane-michael-ricci-lawyer-taxation-specialist
• https://finance.yahoo.com/news/jr-wealth-management-revolutionizes-wealth-130000440.html
• https://www.theglobeandmail.com/canada/article-after-death-of-fraudster-ontario-law-society-urged-to-warn-lawyers/
• https://www.theglobeandmail.com/canada/article-arash-missaghi-fraudster-evaded-justice/
• https://www.tenintelligence.com/services/due-diligence/adverse-media-screening/
• https://complyadvantage.com/insights/aml-risks-in-the-art-market/
• https://www.fatf-gafi.org/publications/fatfrecommendations/documents/money-laundering-terrorist-financing-art-antiquities-market.html