SEC accuses trucking operator of running $127 million Ponzi scheme

The Securities and Exchange Commission (SEC) alleges a Georgia-based trucking operator ran a $127 million investment scheme that defrauded hundreds of people across the country. 

The SEC filed a complaint on Sept. 24 in the US District Court for the Middle District of Florida against the operator and his two companies, AKL Transport LLC and Southern Truck Leasing LLC, alleging they sold fraudulent truck-leasing investment contracts to approximately 765 investors from May 2023 through approximately May 2025. 

Investors were told their money would buy commercial semi-trucks and fund a logistics operation, the complaint says. In return, they were promised a net weekly return of $1,250 per truck on a $25,000 initial investment over five years - roughly 260% annually - supposedly from fees charged to carriers for hauling loads. 

Bank records cited in the filing paint a different picture. Less than $3 million in the defendants' accounts appeared to come from legitimate business revenue during the relevant period, the SEC says. The complaint alleges at least $52 million - approximately 40% of investor deposits - went to pay earlier investors. The SEC describes the operation as a "Ponzi scheme." 

The operator allegedly siphoned approximately $33 million for personal use - about 25% of all investor funds. That included nearly $10 million in cash withdrawals, approximately $3.5 million on travel, approximately $2.7 million on bars and nightclubs, and at least $1.9 million in casino-related expenses, according to the complaint. 

The defendants also claimed to operate approximately 2,000 trucks, a figure the SEC calls "materially overstated." Company records identified far fewer, and lease agreements issued to different investors contained duplicated vehicle identification numbers, the filing says. 

The way the investments were pitched is worth noting for compliance professionals. The SEC alleges the operator personally recruited investors at bars and nightclubs in the Tampa area and presented to approximately 20 prospects at a barbershop in central Florida. Sales agents promoted the program through Facebook ads, Instagram posts, and YouTube videos. One agent posted a video indicating the ability to earn a 108% return, and a PowerPoint presentation touted "Low Risk" and "Fast Returns," the complaint says. 

Payments stopped around March 2025, the SEC alleges. The operator blamed bank wiring issues and a purported bank-fraud investigation. By April 2025, the defendants stopped responding to inquiries. By approximately May 2025, accounts no longer had sufficient funds to pay investors without new money coming in, the complaint says. 

The SEC is seeking permanent injunctions, a conduct-based injunction barring the operator from participating in securities offerings, disgorgement with prejudgment interest, civil penalties, and a jury trial. The complaint charges violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5.