Ken Grant was charged this week by federal prosecutors in the Northern
District of Ohio with defrauding about 70 investors out of approximately
$17 million. Grant waived his right to prosecution by indictment and consented
to the prosecution by information.
Grant is being charged with one count of conspiracy to commit wire fraud and
securities fraud and one count of money laundering. Meyer Wilson has been investigating this
Ponzi scheme for the last nine (9) months and has been hired by many victims of the
Ponzi scheme who have suffered millions of dollars of investment losses.
You can get more background on this case here:
According to court filings, Grant and others allegedly devised a scheme
to defraud investors by telling investors that the company KGTA was seeking
funds to purchase fuel and oil and that investors would earn up to 5 percent
on their investments per month. At the time those representations were
made, Grant allegedly knew that investors would not earn 5 percent of
their investments per month, nor at any time from the sale of fuel and
oil. Prosecutors allege in the criminal charges that no fuel or oil was
From around June 2010 through March 2014, Grant used new money raised from
investors to make recurring monthly payments to earlier investors –
the hallmark of a traditional Ponzi scheme. Personal luxury items were
also bought by Grant with investor money, including a car, a boat, and
mortgage payments on a high-end residential property.
The information filed also said that Grant and others, including unnamed
registered representatives with PrimeSolutions Securities, never filed
documentation about KGTA with the Securities and Exchange Commission.
Although the charges make clear that Grant did not act alone, so far he
is the only individual charged criminally. We expect that additional criminal
charges may be filed against additional parties in the near future.
In prior Ohio Ponzi scheme cases, our law firm has recovered losses for
the individual investors we represent by aggressively pursuing financial
institutions that either knowingly or unwittingly participated or assisted
in the fraudulent investment scheme. We are applying our extensive experience
and success in this area in our current investigation into potential recovery
options for the victims of the KGTA situation.
If you or someone you know lost money in the KGTA deal, please contact
managing partner David P. Meyer directly for a complimentary case evaluation
at (614) 224-6000 or firstname.lastname@example.org.
About Meyer Wilson
The team of investment fraud attorneys at Meyer Wilson has successfully
represented nearly 1,000 individual investors from across the country
who have suffered financial harm at the hands of stockbrokers, brokerage
firms and insurance companies. We have won verdicts, arbitration awards
and settlements of hundreds of millions of dollars for our clients. The
firm's main office is in Columbus, Ohio.