Ex-Oppenheimer John Woods Sentenced In $110M Horizon Private Equity III Scam
Our Broker Fraud Lawyers Are Continuing To Investigate Investor Losses
John J. Woods, a former Oppenheimer & Co. financial advisor who was caught defrauding hundreds of investors in a $110M Ponzi scam, is now sentenced to nearly eight years in prison. The ex-Georgia broker pleaded guilty to wire fraud last year. He has been ordered to pay up to $49.6M in restitution.
His victims, including retirees, veterans, and seniors, were from at least 20 US states. Woods ran his scam through his Horizon Private Equity III LC and Livingston Group Asset Management Company (Southport Capital). His CRD shows 56 disclosures. The majority of these are arbitration claims brought by customers. They have either been settled or are still pending.
During the time that Woods operated the Horizon Private Equity III Ponzi Scam, he was an Oppenheimer registered representative for several of those years. As his brokerage firm of record, not only did Oppenheimer have a duty to properly supervise Woods, but also it should have detected, prevented, and stopped his fraudulent activities. Instead, the firm is accused of attempting to hide the scheme.
Already, the broker-dealer has settled FINRA lawsuits brought by investors for more than $50M. The allegations made have included failure to supervise, negligence, breach of fiduciary duty, and more, including the purported disregard of red flags that allowed the fraud to operate under its nose.
Why Work With Our Trusted Horizon Private Equity Ponzi Scam Attorneys?
Shepherd Smith Edwards and Kantas (investorlawyers.com) is continuing to investigate investor loss claims related to this mass scheme. We have been exclusively representing investors against broker-dealers, including the largest firms on Wall Street and throughout the US, for more than 30 years. This is not the first time we have gone after Oppenheimer for the wrongful or negligent actions of their financial advisors. We are also currently investigating this broker-dealer related to its Oppenheimer Portfolio Enhancement Program (PEP) and the losses its customers have suffered.
When a broker is affiliated with a known firm it gives that person added credibility, which makes investors more apt to trust the individual. Brokerage firms need to make sure that the people they hire will take their responsibilities to customers seriously and not defraud them.
The losses sustained in the Horizon Private Equity Scheme are huge, especially for retail customers and retirees. According to U.S. District Judge Sarah E. Geraghty, who issued Woods’ criminal sentence, some of the victims will have to work into their 70s and 80s because they lost their savings.
What To Expect When Hiring Our Knowledgeable Investment Loss Recovery Firm
To work with us, the first step will be to schedule a call for your initial, no obligation case consultation. If we determine that your losses warrant grounds for an investment recovery claim, and we decide to work together, our seasoned Ponzi fraud lawyers will conduct a thorough investigation, prepare and file your FINRA lawsuit, and provide you with experienced securities law representation.
Although we cannot guarantee the outcome of any case, you should know that more than 90% of our clients have received full or partial financial recovery with our help.
Call our Horizon Private Equity Ponzi Scam Attorneys at (800) 259-9010 or contact us online.