SEC v. Strategic Legacy Investment Group, Inc.

Strategic Legacy Investment Group, Inc. and SLIG High-Interest Liquid Savings Company allegedly engaged in a Ponzi-like scheme and misled investors who had purchased more than $17.5 million in promissory notes. According to the complaint, SLIG and SLIG High raised money from retail investors for the purported purpose of investing in real estate, raised money through the unregistered offer and sale of promissory notes, made materially false and misleading statements to investors by failing to disclose that they were not profitable, and diverted new investor funds to make Ponzi-like payments to existing investors totaling at least $4.2 million.

Summary generated from official Securities and Exchange Commission press release