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Ohio Man Indicted in Alleged $40 Million Black Diamond Ponzi Scheme

David P. Meyer, Esq.

An Ohio man was among four men recently indicted in North Carolina in connection with an alleged investment scam. The men, including Jonathan Davey of Newark, Ohio, were charged with multiple counts related to the alleged $40 million Black Diamond Ponzi scheme.

Specifically, the grand jury indictment alleges that the men claimed to be operating a legitimate hedge fund but, in reality, they were not. Instead, the government alleges that the men were using money from investors, some of whom were elderly, to fund their own lifestyles. The government claims that, even as Black Diamond was collapsing, the group began another Ponzi scheme in its ruins.

Other defendants have already been charged in relation to this alleged Ponzi scheme.