August 9, 2022
SEC Civil Action
The SEC filed a civil action against Michael Mooney, Britt Wright, and Penny Flippen in connection with their alleged participation in a Ponzi scheme. Mooney, Wright, and Flippen recommended that their elderly and inexperienced clients invest or maintain $62 million in Horizon Private Equity, III, LLC after the investors communicated they wanted safe investment opportunities. The defendants falsely told clients that the investments would be low risk, guaranteed a rate of return, and ignored significant red flags.
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