In August, the Securities and Exchange Commission filed suit against John Woods, a Georgia resident accused of masterminding a $110 million fraud.  Since that lawsuit was filed, the SEC filed additional court documents seeking to freeze Southport’s assets.  These assets allegedly include cash and real estate, but specific details have not been disclosed.

Some investors aren’t waiting to get their money back from the SEC and are proactively filing their own, individual, cases.  “It’s a smart decision. These victims should all consider filing individual FINRA arbitrations” explained Marc Fitapelli, a securities attorney working with the victims.  Fitapelli is advising victims to pursue individual arbitration cases against the larger financial firm who may have deep pockets.  Marc Fitapelli estimates that dozens of individual arbitration claims will be filed over the next month by his law firm and others seeking

The government’s case against John Woods alleges that he was running a massive ponzi scheme for more than a decade. As of the end of the summer, investors were owed over $110 million in principal.  There are more than 400 investors from at least 20 different states.  Many of these investors hold investment in an investment known as Horizon Private Equity fund.  According to the government’s allegations against John Woods, “Horizon did not earn any significant profits from legitimate investments, and a very large…

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