North Carolina Man Michael Anthony Jenkins Faces Civil and Criminal Charges
for Solicitation Fraud, Misappropriation, and Embezzlement in Ponzi Scheme
A Raleigh man faces civil and criminal charges for the operation of an alleged
Ponzi scheme that authorities say defrauded approximately 377 investors out of at least
$1.79 million. The alleged investment scheme ran from at least Jan. 2011
through Jan. 2012, and involved the sale and trade of E-mini S&P 500
The U.S. Commodity Futures Trading Commission (CFTC) announced the filing
of its civil Complaint against Michael Anthony Jenkins and his company,
Harbor Light Asset Management, LLC (HLAM), last week.
According to the Complaint, Jenkins and HLAM falsely represented to investors
that investments with the company would be used exclusively to purpose
E-mini futures contracts and that investor funds would be wired immediately
to a specific trading account upon investment.
However, instead of doing as they represented, Jenkins and HLAM allegedly
misappropriated $1.16 million of investors’ funds and used the money
for Jenkins’ personal purposes. Almost three-quarters of a million
dollars allegedly was used to trade gold and oil futures, stock index
futures, and E-mini futures in Jenkins’ personal accounts. The rest
was used to pay for cellular phone bills, airline tickets, gas, and department
store charges, according to the Complaint.
The Complaint further accuses Jenkins and HLAM of attempting to cover up
the fraudulent scheme by issuing falsified trading spreadsheets and statements
The Securities Division of the North Carolina Department of the Secretary
of State indicted Jenkins on similar charges of securities fraud on Aug.
20, 2012. He is currently in custody awaiting trial. For additional information,
read the CFTC’s press release