Recovering Losses caused by Investment Misconduct

Charities Among Alleged Victims of Multimillion Dollar Ponzi Scheme

On Friday November 18^th, 2011, the SEC accused Garfield M. Taylor of running a Ponzi scheme that cheated investors out of millions of dollars. Some of those investors were charities, according to investigators.

The SEC has accused Mr. Taylor of telling investors that they could earn annual returns of around 20 percent with little or no risk on their investment, but, according to the SEC, Mr. Taylor was investing the money in highly risky option trades and using the money brought in by newer investors to pay older investors. Additionally, the SEC claims that $5 million of investors’ money was used by Mr. Taylor personally.

One charity, Hillcrest Children’s Center in Washington, DC, has filed a lawsuit against Mr. Taylor. They charity claims that he misappropriated almost all of the $8 million of investment money with which the Center entrusted him.

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