A federal court in Georgia on Tuesday granted a temporary restraining order and asset freeze requested by the Securities and Exchange Commission to stop a $110 million Ponzi scheme allegedly run by Marietta resident John Woods for more than 10 years.
Woods operates an RIA, Southport Capital, and a fund, Horizon Private Equity. He and other Southport advisers raised more than $110 million from over 400 investors in 20 states by offering and selling membership units in Horizon, the SEC said in a release.
They allegedly told investors — including many elderly retirees — that their Horizon investments were safe. The investments would be used for different investment activities and would pay interest of 6% to 7%, and investors could get their principal back without penalty after a short waiting period, the investors were told.
According to the SEC complaint, however, these statements were untrue. Horizon didn't earn any significant profits from legitimate investments, and a large portion of the "returns" paid to earlier investors came out of money from new investors.
The complaint also alleges that Woods repeatedly lied to the SEC during regulatory examinations of Southport.
The SEC is seeking preliminary and permanent injunctions, disgorgement, prejudgment interest, civil penalties, an asset freeze and the appointment of a receiver.
RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.
Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.
The giant alt investments platform's latest financing led by T. Rowe Price and SurgoCap Partners, along with State Street, UBS, and BNY, will fuel additional growth on multiple fronts.
Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.
New report shines a light on how Americans view wealth today.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
