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Philadelphia, Pennsylvania--(Newsfile Corp. - September 5, 2021) - Berger Montague is investigating potential violations of law relating to investments in Horizon Private Equity III, LLC ("Horizon"), promoted and sold by John J. Woods ("Woods") and others associated with him, including Oppenheimer & Co. Inc. The potential claims arise out of an alleged decades-long Ponzi scheme which defrauded more than 400 investors living in 20 states.
If you invested in Horizon or have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact Berger Montague attorney Andrew Abramowitz at email@example.com or (215) 875-3015, or Barbara Podell at firstname.lastname@example.org or (215) 528-8251.
On August 20, 2021, the U.S. Securities and Exchange Commission ("SEC") sued Woods, Horizon and others in the United States District Court for the Northern District of Georgia, alleging that Woods and the other defendants told investors that they would receive returns of 6-7% interest, guaranteed for two to three years, and that Horizon would earn a return by investing in government bonds, stocks or small real estate projects. Investors were not told that their money could or would be used to pay returns to existing investors. The SEC alleges that the defendants were only able to pay the guaranteed returns by raising and using new investor money and that Horizon has not earned any significant profit from legitimate investments. The SEC alleges that investors are owed over $110 million in principal as of the end of July 2021.The SEC alleges that the Ponzi scheme is ongoing and continues to raise money from new investors. The SEC suit seeks emergency relief because "additional victims are being defrauded on a daily basis." The SEC seeks an asset freeze and appointment of a receiver to protect whatever assets still exist for the victims of the Horizon Ponzi scheme.
A class action was filed on August 31, 2021 in the Northern District of Georgia on behalf of all Horizon investors from 2008 through the present.
Berger Montague, with offices in San Diego, Philadelphia, Minneapolis, and Washington, D.C., has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Berger Montague PC
Barbara Podell, Shareholder
Andrew Abramowitz, Senior Counsel
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95627