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The defendants' Ponzi scheme is ongoing and continues to raise money from new investors each month.
FORT LAUDERDALE, FL, September 24, 2021 /24-7PressRelease/ -- The Wolper Law Firm is currently investigating claims arising out of the $110 million Ponzi scheme orchestrated by John J. Woods and his investment advisory firm, Livingston Group Asset Management d/b/a Southport Capital. The specific fund sold to investors is known as the Horizon Private Equity, III, LLC. If you are one of the impacted investors, please contact the Wolper Law Firm at 800.931.8452.
Attorneys at the Wolper Law Firm are pursuing arbitration claims against Oppenheimer & Co., who held the securities registration for John J. Woods during the relevant time period and had a legal obligation to supervise his unlawful activities, which led to investor losses.
On August 20, 20201, the Securities and Exchange Commission (SEC) filed a Complaint against John J. Woods, Livingston Group Asset Management Company d/b/a Southport Capital, and Horizon Private Equity, III, LLC. The Complaint was filed in the United States District Court, Northern District of Georgia, Atlanta Division. A copy of the Complaint can be accessed by clicking here.
According to the SEC Complaint, "John J. Woods has been running a massive Ponzi scheme for over a decade. As of the end of July 2021, investors in the Ponzi scheme were owed over $110,000,000 in principal. There are more than 400 investors, residing in at least 20 different states, who currently hold investments in the Ponzi scheme, which goes by the name Horizon Private Equity, III, LLC ("Horizon"). Many of the victims are elderly retirees who were preyed upon by investment advisers at Livingston Group Asset Management Company d/b/a Southport Capital ("Southport"), a registered investment adviser firm owned and controlled by Woods. The Defendants' Ponzi scheme is ongoing and continues to raise money from new investors each month."
What makes this Ponzi scheme unique is that John J. Woods and his cohorts, Michael Mooney, John Woods, Jim Woods, and Arthur Brown, were former Financial Advisors of Oppenheimer & Co., in its Atlanta branch office.
During the time period that they were employed and registered with Oppenheimer, John J. Woods began soliciting clients to invest in the Horizon Private Equity, III, LLC under the guise that the investment was being offered by Oppenheimer.
Investors were lulled into a false sense of security that Oppenheimer conducted due diligence regarding the investment and ensured the protection of principal. Of course, Horizon Private Equity, III, LLC was not offered and sold by Oppenheimer. This unlawful practice is known as "selling away," and is prohibited.
There are legal remedies for investors harmed by this Ponzi scheme. Attorney Matt Wolper suggests they consult with lawyers who have experience helping investors recoup losses in similar schemes.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies, and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at [email protected].
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