HORIZON PRIVATE EQUITY III INVESTOR ALERT: Kurta Law Investigates Ponzi Scheme Allegations on Behalf of Investors
September 13 2021 - 10:22AM
Business Wire
National securities law firm Kurta Law is investigating claims
that Oppenheimer & Co. Inc. (NYSE: OPY) failed to supervise
their brokers, including John Woods, allowing them to perpetrate an
alleged Ponzi scheme called Horizon Private Equity III. According
to a complaint filed by the SEC, John Woods convinced elderly
investors to pour money into a $110 million fraud from
approximately 2008 to 2016.
John Woods allegedly operated the Ponzi scheme through his
outside business, Southport Capital. The complaint alleges that
Oppenheimer knew or should have known that John Woods operated this
outside business. Consistent with industry regulations, this should
have prompted a review of Woods’ activities, including his claims
that Horizon Private Equity III was a low-risk investment and would
generate high returns of 6% to 7%. John Woods and other Oppenheimer
brokers claimed the money would go toward real estate projects as
well as low-risk investments including government bonds. But in
2016, the fund had only $16 million of the $110 it had raised, and
very little of the money had gone toward legitimate investments.
Most of the money allegedly paid off earlier investors – the
hallmark of a Ponzi scheme.
According to securities attorney Jonathan Kurta, “Brokerage
firms have an obligation to supervise the outside business
activities of their brokers. When they fail in that supervision,
our firm can hold them accountable.”
Kurta Law is providing free case evaluations for investors who
invested in Horizon Private Equity III. Investors can still recover
their losses through FINRA arbitration claims. To speak with an
experienced securities fraud attorney, call Jonathan Kurta at
877-600-0098 or email info@kurtalawfirm.com.
About Kurta Law
Kurta Law is a national securities law firm that has recovered
over $100 million on behalf of defrauded investors. Founding
partner Jonathan Kurta only represents investors and has litigated
thousands of cases. Kurta Law is based in New York, New York.
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Kurta Law Jonathan Kurta 877-600-0098 info@kurtalawfirm.com
Kurtalawfirm.com
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