National investor fraud law firm, KlaymanToskes, has commenced an investigation (“Horizon Oppenheimer Investigation”) of potential FINRA arbitration claims on behalf of former and current Oppenheimer & Co., Inc. (“Oppenheimer”) customers who invested in the alleged Horizon Private Equity III (“Horizon”) Ponzi scheme.
Investors are suing Oppenheimer for its role in enabling a massive Ponzi scheme devised by Marietta, Georgia resident and former Oppenheimer registered representative, John Woods, which was operated through his firm, Southport Capital. From 2008 to 2016, John Woods and his brother Jim Woods allegedly solicited a significant number of customers from Oppenheimer to invest in Horizon while Woods was registered as a broker and investment adviser with the brokerage firm. Investors were told they would earn a return by investing in government bonds, stocks or real estate projects. 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.
According to a recently filed SEC Complaint, as of July 2021, over 400 investors across 20 states held Horizon investments, and were owed over $110M in principal. Many investors are elderly retirees. The SEC Complaint states that the Ponzi scheme is massive and ongoing.
Current and former Oppenheimer customers who invested in Horizon from 2008 to 2016 and who have information related to the handling of their investments, are encouraged to contact securities attorney Lawrence L. Klayman, Esq., at (561) 542-5131, and download our Special Report.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KlaymanToskes has recovered more than $220 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.