Investment Adviser Charged With Defrauding Retired Teachers and Police Officers

Posted on June 17th, 2015 at 8:30 AM
Investment Adviser Charged With Defrauding Retired Teachers and Police Officers

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has charged a Miami investment adviser after discovering he was running a Ponzi scheme through his fund, Sterling Investment Fund. The Commission alleges that Phil Donnahue Williamson siphoned money from his investment fund and defrauded investors, many of whom were retired public sector retirees such as teachers and police officers as well as church pastors.

Instead of investing his clients’ retirement savings in mortgages and properties as promised, Williamson used the majority of the fund to pay personal expenses such as credit card bills and car payments to BMW. In an attempt to hide his wrongdoing, Williamson would use money garnered from clients to pay other clients in the fund as purported investment returns.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, ponzi scheme, SEC, sterling investment fund

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