Federal authorities have linked a Clayton man to a
Ponzi scheme involving nearly $35 million. Bryan Coats has been named in the complaint
filed by the Commodity Futures Trading Commission (CFTC) in the U.S. District
Court for the Western District of North Carolina.
Also named in the complaint were Mr. Coat’s firms, Genesis Wealth
Management, Coats Estate Planning Services and Coats Wealth Management.
Federal authorities, along with two other defendants, froze Mr. Coat’s
assets. The move by federal authorities will also prohibit Mr. Coats and
his colleagues from destroying any books and records related to the case.
However, Mr. Coat’s attorney claims that his client, along with
other investors, was defrauded in the multi-million dollar
Ponzi scheme. The Ponzi scheme allegedly involved a foreign currency exchange scam.
Supposedly, the defendants accepted nearly $35 million from at least 240
The other defendants include Keith F. Simmons of West Jefferson, Jonathan
Davey of Newark, Ohio, and Deanna and Lawrence Salazar of Yucca Valley,
Mr. Simmons is the alleged architect of the investment scam and was convicted
of money laundering and fraud in December. Ms. Salazar pleaded guilty
in December to investment fraud conspiracy and tax evasion.