Georgia Advisor Charged With Decades-Long $110M Ponzi Scheme

A Georgia investment advisor has been charged by the Securities and Exchange Commission for allegedly running a decades-long Ponzi scheme that has defrauded investors of more than $110 million.

A federal judge issued a temporary restraining order and froze the assets of John Woods of Marietta, Ga., yesterday after the SEC filed an emergency action on Friday in the U.S. District Court for the Northern District of Georgia. The SEC is pursuing civil fraud charges against Woods and his two entities: registered investment advisor Livingston Group Asset Management Company, which does business as Southport Capital, and investment fund Horizon Private Equity III LLC.

Judge Steven Grimburg granted the SEC's request for Woods and Horizon and ordered expedited discovery with respect to Southport, among other relief, according to a news release from the SEC. He also granted the request for a receivership to be appointed to gather, preserve and protect any existing assets.