HORIZON PRIVATE EQUITY III INVESTOR ALERT: Kurta Law Investigates Ponzi Scheme Allegations on Behalf of Investors
NEW YORK--(BUSINESS WIRE)--Sep 13, 2021--
National securities law firm Kurta Law is investigating claims that Oppenheimer & Co. Inc. (NYSE: OPY) failed to supervise their brokers, including John Woods, allowing them to perpetrate an alleged Ponzi scheme called Horizon Private Equity III. According to a complaint filed by the SEC, John Woods convinced elderly investors to pour money into a $110 million fraud from approximately 2008 to 2016.
John Woods allegedly operated the Ponzi scheme through his outside business, Southport Capital. The complaint alleges that Oppenheimer knew or should have known that John Woods operated this outside business. Consistent with industry regulations, this should have prompted a review of Woods’ activities, including his claims that Horizon Private Equity III was a low-risk investment and would generate high returns of 6% to 7%. John Woods and other Oppenheimer brokers claimed the money would go toward real estate projects as well as low-risk investments including government bonds. But in 2016, the fund had only $16 million of the $110 it had raised, and very little of the money had gone toward legitimate investments. Most of the money allegedly paid off earlier investors – the hallmark of a Ponzi scheme.
According to securities attorney Jonathan Kurta, “Brokerage firms have an obligation to supervise the outside business activities of their brokers. When they fail in that supervision, our firm can hold them accountable.”
Kurta Law is providing free case evaluations for investors who invested in Horizon Private Equity III. Investors can still recover their losses through FINRA arbitration claims. To speak with an experienced securities fraud attorney, call Jonathan Kurta at 877-600-0098 or email firstname.lastname@example.org.
About Kurta Law
Kurta Law is a national securities law firm that has recovered over $100 million on behalf of defrauded investors. Founding partner Jonathan Kurta only represents investors and has litigated thousands of cases. Kurta Law is based in New York, New York.
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CONTACT: Kurta Law
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Kurta Law
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PUB: 09/13/2021 10:22 AM/DISC: 09/13/2021 10:22 AM