More details available at the link
http://www.sec.gov/news/pressrelease/2015-158.html
SEC Charges Houston-Area Businessman in Ponzi Scheme
FOR IMMEDIATE RELEASE
2015-158 Washington D.C., Aug. 3, 2015 —The Securities and Exchange Commission today charged a Houston-area businessman with operating a $114 million Ponzi scheme that defrauded investors, some of whom were told that their money would fund technology to prevent accidents caused by drowsy driving.
The SEC’s case filed in federal court in Houston charged Frederick Alan Voight of Richmond, Texas with defrauding more than 300 investors in multiple offerings of promissory notes issued by two partnerships he owns, F.A. Voight & Associates LP and DayStar Funding LP. While Voight’s latest offering promised investors returns as high as 42 percent a year from loans to small public companies, most of the funds went to pay earlier investors, the complaint alleges. Approximately $22 million of Voight’s allegedly ill-gotten gains remain unaccounted for to date.
“Voight wooed investors with promises of outsized returns and once-in-a-lifetime investment opportunities. But, like all Ponzi schemes, we allege that this one collapsed when Voight couldn’t find enough new money to keep up with his false promises,” said David L. Peavler, Acting Regional Co-Director of the SEC’s Fort Worth Regional Office.
I know many JWs who have lost money with this guy in the past, but continued to invest with him due to the incredible returns he promised (and delivered, until now). Since I'm DA'd, I'm not hearing any of the gossip, but I'm curious if anybody has personal connections to this situation or has heard any dirt about it.