BULLETIN: Another Florida Ponzi Scheme: SEC Sues Estate Of Dead Man, Saying Kenneth Wayne McLeod And His Companies Ripped Off Members Of ‘Law Enforcement’ And Operated Ponzi Scheme For Decades

The Florida Times Union is reporting that the FBI has entered the case and that McLeod’s investors included “law enforcement officials from the FBI, U.S. Immigration and Customs Enforcement and the Drug Enforcement Agency.”

It was just a Ponzi ripoff, the SEC said.

“In reality, there was no FEBG Bond Fund, McLeod never invested his clients’ money in government securities, and the money was never generating tax-free returns of eight to ten percent annually,” the SEC said. “McLeod simply used new investor funds to pay prior investors interest and principal, and to provide funds to himself and his companies.

“Between 2005 and June 2010 alone, McLeod spent more than $1 million on promotional expenses to bolster his image in the community, including paying for stadium box seats and an annual trip for him and forty friends to the Super Bowl,” the SEC charged.

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