SEC v. Justin R. Kimbrough

Justin R. Kimbrough allegedly participated in a Ponzi scheme that raised at least $3 million from at least 31 investors. Kimbrough and Nikopoulos allegedly told potential investors that investors’ funds would finance a real estate wholesale business and the purchase of medical products for resale by a company in India. According to the SEC, rather than using investors’ money to finance the two purported businesses, Kimbrough and Nikopoulos retained at least $1.75 million for themselves and paid approximately $1.05 million to existing investors in furtherance of the Ponzi scheme.

Summary generated from official Securities and Exchange Commission press release