The action comes after the secretary of state's office received more than 300 complaints about Ellington since a previous ABC7 I-Team investigation aired, according to Giannoulias.
Ellington, who is already facing scrutiny from state regulators, is now encouraging people to invest in a fragrance business called Rich Kats.
"I was blown away. It's preposterous. I am saddened I'm in shocked," Giannoulias said.
In May, several people told the I-Team they lost tens of thousands of dollars to Brandon Mr. Finance in what they described as an investment scheme.
"He has put me in a position where I got to work two to three more years when I was in a position to retire," one person told the I-Team.
Giannoulias previously issued a temporary order of prohibition preventing Ellington from operating what the state described as an unregistered investment business in Illinois. The secretary of state's office has now issued a cease-and-desist order related to the new fragrance business, which the office said involves Ellington asking people to buy, sell and invest in designer fragrances.
Some people who say they were victimized by Ellington told the I-Team they have also been asked to participate in the new business while they are still waiting to recover money they say they lost.
"Since your original story aired, over 300 individuals have reached out to us, folks who were duped by Brandon Mr. Finance," Giannoulias said.
"These are people who were planning on retiring. These are people who can't afford to get medication. These are people whose entire lives have been upended by this," he said.
Ellington has requested a hearing regarding the temporary order of prohibition. A hearing date has not yet been set.
The I-Team contacted Ellington and his attorney about the new cease-and-desist order, the secretary of state's claims and the Rich Kats business, but had not received a response.
Giannoulias urged previous and prospective clients of Brandon Mr. Finance to come forward.
"To do it so brazenly. To get caught, and then switch gears and do it again is unacceptable and we're going to do everything we can to put a stop to this," he said.
Ellington has previously told the I-Team that claims he duped clients out of tens of thousands of dollars are not true and that he has offered refunds to clients who did not complete his investment program.
Since the first report aired, two class-action lawsuits have been filed against Ellington. The I-Team has also heard from dozens of people who say they are still waiting for Ellington to repay them.