Michael Terrill


June 4, 2024

Type of alert:

Ponzi Scheme  

The SEC has filed a lawsuit against a former Jacksonville investment banker, charging him with multiple counts of fraud related to a Ponzi scheme. The banker, identified as Michael Terrill, allegedly defrauded numerous investors by promising high returns on their investments, which he claimed were being used for real estate projects. However, the SEC alleges that Terrill used the new investors’ money to pay off earlier investors, a hallmark of a Ponzi scheme.

The complaint, filed in a federal court, outlines that Terrill raised approximately $2.3 million from investors by misrepresenting the financial health and success of his projects. Additionally, he is accused of falsifying documents to support his claims and using investor funds for personal expenses rather than the promised investments.

The SEC’s action seeks to permanently enjoin Terrill from violating federal securities laws, disgorgement of ill-gotten gains, and civil penalties. The case is part of the SEC’s broader effort to crack down on investment fraud and protect investors from deceptive schemes.

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