Michael Anthony Jenkins, 56, of Raleigh, North Carolina, was recently arrested
for allegedly defrauding three men in a
Ponzi scheme. Jenkins was served with three arrest warrants and faces securities fraud
charges for the alleged investment scam. Jenkins is believed to have run
the alleged Ponzi scheme through his Harbor Light Asset Management company.
According to the allegations against him, Jenkins lured two men from Wauchula,
Florida, and one man from Iraan, Texas, into handing over their cash in
the belief that it would be invested. In the arrest warrants, the various
investments promoted included commodities contracts, “e-mini futures,”
and “e-mini contracts.” Unfortunately, it is believed that
Jenkins did not invest any of the money the investors gave him and that
he instead used the cash to pay off previous investors in a classic Ponzi-scheme fashion.
The state Securities Division stated in the affidavit that Jenkins admitted
that he did not hold the necessary federal or state license required to
engage in commodities trading, and it was also reported that Jenkins admitted
that he had stopped investing his clients’ cash. Jenkins apparently
reported that he ran into trouble because he was “overwhelmed”
by his business. He is currently being held on bond.
If you or a loved one has become the victim of a Ponzi scheme, an experienced
securities fraud attorney may be able to help you recover your losses.
Speak with Meyer Wilson today to schedule a completely free, no-obligation
consultation, or simply fill out our easy online contact form for more