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Man Arrested for Alleged Ponzi Scheme That Affected Three Investors

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 information.

Categories: Securities Fraud

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