- posted: Oct. 26, 2021
On August 20, 2021, the Securities and Exchange Commission (“SEC”) filed a complaint against Horizon Private Equity III and its founder John Wood, former registered representative employed by Oppenheimer, alleging that they have “been running a massive Ponzi scheme for over a decade. As of the end of July 2021, investors in the Ponzi scheme were owed over $110,000,000 in principal.”
Oppenheimer brokerage firm customers may have individual FINRA arbitration claims for losses suffered in the alleged Ponzi scheme. Oppenheimer had an ongoing obligation to conduct due diligence on any product placed on its sales platform and to supervise John Wood to prevent his “selling away” of unauthorized investments and making misrepresentations.
To read the SEC complaint, click here - https://www.sec.gov/litigation/complaints/2021/comp-pr2021-163.pdf.
If you have sustained losses in any individual investment or overall in your account, contact David Harrison, Esq. of the Law Offices of David Harrison at (310) 499-4732 for a free consultation.
