John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi at Southport Capital and Horizon Private Equity. The scheme started on or about 2007 and continued through 2021. Call for a free and confidential consultation if you believe you were a victim. The Law Offices of Jeffrey Pederson has been recovering funds for investors for over 20 years.
Livingston Group Asset Management Company d/b/a Southport Capital (“Southport”), and Horizon Private Equity, III, LLC (“Horizon”), employed these advisors. Private and regulatory actions allege that John Woods ran a massive Ponzi scheme for over a decade.
Investors in the Ponzi scheme are 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 at Southport, which goes by the name “Horizon.” Many of the victims are elderly retirees who Woods and his advisors preyed upon. Southport, a registered investment adviser firm, is owned and controlled by John Woods.
The Scheme lasted until the SEC filed suit. The SEC’s 2021 complaint alleged that the Ponzi scheme was ongoing and continues to raise money from new investors each month. John Woods and other investment adviser representatives at Southport told clients that they would receive returns of 6-7% interest, guaranteed for two to three years, for non-specific investments in a fund called “Horizon Private Equity.”
John Woods and his cohorts at Southport generally told investors that Horizon would earn a return by investing their money in, for example, government bonds, stocks, or small real estate projects; investors were not told that their money would or could be used to pay returns to earlier investors. But that is exactly what the Defendants did, they were only able to pay the guaranteed returns to existing investors by raising and using new investor money.
Horizon has not earned any significant profits from legitimate investments; instead a very large percentage of purported “returns” to earlier investors were simply paid out of new investor money.
Investors allege a Ponzi at Southpark Capital.
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