SEC alleges ponzi scheme posed as private equity fund

The Securities and Exchange Commission alleged that a Georgia man and a firm he controlled ran a more than decade-long Ponzi scheme that raised more than $110m from investors.

Responding to an emergency SEC request, the US District Court for the Northern District of Georgia in Atlanta on Tuesday froze the assets of the alleged head of the scheme, Georgia resident John J  Woods, and Horizon Private Equity III, the Atlanta-based fund that the SEC alleges he used to perpetrate the scheme. The court also issued a temporary restraining order against both Woods and Horizon. READ MORE