A lawsuit filed Tuesday on behalf of 31 plaintiffs alleges Ellington, who marketed himself as "Mr. Finance," promised investors returns of 40% to 60%, and instead cost them tens of thousands of dollars each.
Nearly half of the plaintiffs gathered in one room, raising their hands as they called on the justice system to help them recover their savings.
"I invested $25,000, with a promise of a return, 60% for $40,000," plaintiff Melody Woods said.
Woods says the original investment was obtained through a high-interest loan that Ellington encouraged her and others to secure.
"He directed us to certain banks, certain tellers. You walk in; you show your driver's license," Woods said.
Another plaintiff, Luviner Walker, said she gave Ellington $75,000. Like other investors, she said she received one or two payments before Ellington stopped responding to messages.
"Amidst all that, I lost my job. I had nothing," Walker said.
Woods' and Walker's stories were first reported last month by ABC7 Chicago's I-Team. The plaintiffs say they were drawn in by Ellington's marketing, which included a YouTube channel as well as radio and television appearances.
Ellington says in one promotional video, "I am your host, Brandon, Mr. Finance, the Millionaire Maker, looking to make, you, yeah, that's right, you, a millionaire, too!"
Through those platforms, Ellington offered investment advice despite not being a credentialed financial adviser. The complaint alleges he targeted what it describes as "the elderly African American faith-based demographic."
"He was duping the community to make them think that he was a person that was actually knowledgeable about these types, on investments when in fact he wasn't," said Jamaal Buchanan, an attorney with Disparti Law Group, which represents the plaintiffs.
Amid numerous complaints, the Illinois Secretary of State's Office issued a temporary order of prohibition against Ellington and his company, Access Capital Today.
"This individual never even registered with us. We are working with law enforcement, working with the attorney general's office, to get to the bottom of this," Secretary of State Alexi Giannoulias said in a May interview.
Ellington did not respond to requests for comment Tuesday. He has previously denied the allegations, telling the I-Team that he offered to refund anyone who did not complete his program.
In addition to seeking to recover their investments, attorneys for the former clients say they want Ellington permanently barred from acting as an investment adviser in Illinois.