CLEVELAND, Aug. 31, 2021 /PRNewswire/ — Today, investors in Horizon Private Equity, an alleged Ponzi scheme, filed claims in Georgia and in Kentucky against Oppenheimer & Co., Inc. Investors filed their claims in arbitration before the Financial Industry Regulatory Authority (FINRA). In both cases, the investors allege that Oppenheimer, a New York-based financial services company, played an early and important role in the formation and continuing operation of the alleged Horizon Private Equity scheme and demand it compensate them for the financial losses they incurred.  An attorney for the Horizon investors, John Chapman, comments: “hundreds of Horizon investors – including many seniors and retirees – have lost over $110 million. And many of them depended upon Horizon’s distributions to make ends meet every month. In some cases,   their retirement savings are now depleted. They have nothing left to live on.”   

The investors’ lawsuit alleges Woods used Southport Capital, an investment advisory firm, to move customer accounts from Oppenheimer and lure investors into the Horizon alleged Ponzi scheme, dangling promises of “guaranteed’ returns between 6-7% with little-to-no risk. In reality, none of the investors’ funds were invested as promised but, were instead misappropriated or diverted to pay later investors, in typical Ponzi-scheme-like fashion.

According to the investor complaints, during the time Woods was an Oppenheimer investment professional, between…

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