The US Securities and Exchange Commission (SEC) recently announced that they have obtained a restraining order and filed an emergency enforcement action against Today’s Growth Consultant Inc. as well as company owner, Kenneth D. Courtright III.
Courtright was arrested on criminal fraud charges in addition to the securities fraud charges brought by the SEC. It is alleged that his company, which also did business under the name “The Income Store,” operated a Ponzi-like scheme that raised more than $75 million from over 500 investors.
What Does the SEC Complaint Say?
The SEC complaint, which was unsealed on January 14, 2020, says that Courtright and Todays Growth Consultant Inc. (TGC) promised investors high rates of return from website revenues.
TGC allegedly told investors that they would use their investment money to buy or build them a website. They then promised investors that they would develop and market the website to generate income. The SEC complaint says that TGC told investors they would use their money only for expenses related to the website. In reality, TGC was using investors’ money to make unlicensed security offerings. They were allegedly using new investors’ money to pay off old investors.
This behavior has all of the hallmarks of a Ponzi scheme. Readers are likely familiar with the infamous Bernie Madoff Ponzi scheme that was revealed in 2008. Madoff’s Ponzi scheme is currently the biggest of all time and involved $50 billion in assets.
The SEC complaint says that TGC operated from at least 2017 through October, 2019. The associate director in the SEC’s Division of Enforcement, Antonia Chion, said that “TGC and Courtright’s alleged fraud promised a guaranteed return when the company’s business model and financial condition could not possibly support it.”
The SEC complaint also says that Courtright used the money from his investors to pay his mortgage as well as private school tuition for his Family.
Kenneth D. Courtright III and TGC have been charged with violations of registration provisions of the antifraud and registration provisions of the federal securities laws. In addition to the temporary restraining order, and freezing assets of TGC and Courtright, the Court has appointed a receiver for TGC.
What to Do If You Were a Victim of Fraud
If you have done business with or allowed Kenneth D. Courtright III and Todays Growth Consultant Inc. (or The Income Store) to use your money for investments, you should speak to an attorney as soon as possible. The lawyers at Meyer Wilson are ready to get you through this. Our team has a thorough understanding of Ponzi schemes, and we are ready to investigate every aspect of your case. Our goal is to secure compensation for your losses. Read more about how to recover losses after a Ponzi Scheme.
We handle all matters related to Securities Litigation in arbitration concerning investment fraud and misconduct. Even if you are not a victim of the wrongdoing by Courtright and TGC, you may suspect you are being taken advantage of by a financial or investment advisor. Sometimes, it takes the bravery of one person to come forward in these cases to break a case open. Do not hesitate to seek legal assistance to protect yourself, your family, and your valuable assets. Call (800) 738-1960 or contact us online to speak confidentially with an attorney today.