John J. Woods, $25M Ponzi Scheme, Georgia 2021
ATLANTA - John J. Woods, the former President of Southport Capital and manager of Horizon Private Equity, III, LLC, has pleaded guilty to operating a Ponzi scheme that defrauded hundreds of investors out of more than $25 million.
Woods promised investors low-risk investments, profitable returns, and a diversified portfolio, all while secretly using money raised from new investors to primarily pay earlier investors, said U.S. Attorney Ryan K. Buchanan.
Investors should respond with caution to financial offers that sound too good to be true and are cloaked in the promise of low risk and high rates of return, Buchanan added.
The FBI's Keri Farley, Special Agent in Charge of FBI Atlanta, stated, It is the FBI's hope that today's guilty plea will provide some sense of relief to those victims that have suffered so much by Mr. Woods greed-fueled conduct.
According to U.S. Attorney Buchanan, the charges and other information presented in court: Woods operated a Ponzi scheme until being shut down by the U.S. Securities and Exchange Commission in 2021. Woods solicited investors to invest in a fund called, Horizon Private Equity.
As of the end of July 2021, Horizon investors were owed more than $110,000,000 in principal investment amounts. And over 400 investors, residing in at least 20 different states, held investments in Horizon. Losses are still being calculated, but investors have lost more than $25 million because of Woods's scheme to defraud.
Sentencing for John J. Woods, 58, of Marietta, Georgia, has not yet been scheduled. He pleaded guilty to a criminal information charging a single offense of wire fraud, in violation of Title 18, U.S. Code, Section 1343.
Key Facts
- State: Georgia
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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