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Updated on: June 7, 2024

KlaymanToskes Pursues Recovery for Horizon Ponzi Scheme Victims

National investment loss lawyers KlaymanToskes reports former Southport Capital brokers Michael Mooney, Britt Wright, and Penny Flippen have been permanently barred by the Securities and Exchange Commission (“SEC”) in connection with their settlement of charges involving Horizon Private Equity III, an alleged Ponzi scheme.

Back in June 2022, the SEC filed a civil lawsuit against Mooney, Wright, and Flippen, in the U.S. District Court for the Northern District of Georgia. The SEC’s charges arose from their involvement in making numerous false and misleading statements to advisory clients to persuade them to invest in Horizon III, a Ponzi scheme created by John J. Woods while under the supervision of Oppenheimer & Co.

If you suffered losses in Horizon Private Equity, and/or with Oppenheimer & Co., contact attorney Lawrence L. Klayman at 888-997-9956 or by email at lawrence@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.

KT Law Pursues $1M FINRA Arbitration Claim for Horizon Ponzi Victims

KlaymanToskes previously reported that the law firm has filed a $1,000,000 FINRA arbitration claim (no. 23-02037) on behalf of an elderly couple who were victims of John J. Woods’ fraudulent scheme, the Horizon Private Equity III Fund. While the customers sought low risk and fixed income investments to help support them through their retirement years, John Woods allegedly solicited the customers to invest in the fraudulent scheme by misleading them with misrepresentations that Horizon Private Equity III would generate guaranteed returns.

While under the supervision of Oppenheimer & Co., John J. Woods created the “Horizon Private Equity III” fund which he used to raise money from investors while Oppenheimer’s management allegedly aided and concealed Wood’s Ponzi scheme from both regulators and the investing public. All activities related to the Horizon fund occurred at Southport Capital, another firm owned and operated by Woods. While Woods resigned from Oppenheimer in 2016, the Ponzi scheme continued raising money from investors until at least July, 2021.

John J. Woods was sentenced to 8 years in prison for his role in the $110 million Ponzi scheme. Woods and the other Southport advisors also reportedly failed to disclose millions of dollars in investor funds that they personally received or used for their own benefit. According to the SEC, Mooney, Wright, and Flippen fueled the Ponzi scheme by recommending that their customers invest or maintain at least $62 million in Horizon III, representing more than half of the total funds invested in the Horizon III scheme. 

If you suffered investment losses with John Justin Woods, Michael Mooney, Britt Wright, Penny Flippen, or Oppenheimer & Co., contact attorney Lawrence L. Klayman for a free consultation at 888-997-9956 or lawrence@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.


KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.