<|begin_of_text|><|begin_of_text|><|begin_of_text|>This post was written by Hannah Chanpong.
The U.S. Securities and Exchange Commission today charged the estate of Florida investment firm executive K. Wayne McLeod with running a Ponzi scheme that victimized an estimated 260 law enforcement agents.
<wm>According to the SEC filing, the scheme took advantage of the trust in millions of dollars from unsuspecting investors, creating a massive Ponzi scheme that has left investors broke.
As of March 14 2024 there are approximately $28.14 million in assets in its fraud, with most remaining in reserve accounts. Multiple jurisdictions, such as the UK and Cyprus have banned investment activities and reported it being fined over £150 million.
The SEC charges the “$7.4 million in net recovery”</wm> awarded under the “Funding the Families and Prevention of Evictions and Unemployed Individuals and Families”