Horizon Private Equity Ponzi Scheme Investor Update
Summary
SEC Charges Michael Mooney, Penny Flippen, and Britt Wright for Role in Horizon Private Equity Ponzi Scheme On June 10, 2022, the SEC filed a civil action in the United Stated District Court for the Northern District of Georgia against Michael Mooney, Britt Wright, and Penny Flippen in connection with their participation in the Horizon Private Equity III Ponzi scheme. The three investment advisers allegedly ignored “significant red flags” during their time at Southport Capital in relation to the Ponzi scheme. For instance, Flippen, Mooney, and Wright ignored the fact that Woods instructed the advisers not to use their Southport email addresses when communicating about Horizon. KlaymanToskes is currently representing investors who lost money in the Horizon Private Equity III Fund. However, Horizon has allegedly not earned any significant profits from these investments, and were only able to pay the guaranteed return to existing investors by raising and using new money.