Notable 2022 Ponzi Schemes

Posted on July 18th, 2022 at 3:15 PM
Notable 2022 Ponzi Schemes

From the Desk of Jim Eccleston at Eccleston Law:

Several notable Ponzi schemes have been uncovered so far in 2022. The more significant are discussed below. 

Michael Mooney, Britt Wright, and Penny Flippen, were charged by the Securities and Exchange Commission (SEC) in connection with an alleged $110 million Ponzi scheme. The three former advisors assisted in the scheme run through Southport Capital, which was owned and operated by John Woods. Woods also operated an investment fund known as Horizon Private Equity; for which Woods was charged with operating a Ponzi scheme in 2021. Mooney, Wright and Flippen recommended that their clients invest at least $62 million in Horizon, according to the SEC. 

Likewise, the SEC obtained a permanent injunction against Rhode Island-based advisor Patrick Churchville and his firm, ClearPath Wealth Management. According to the SEC, Churchville’s fraud led to nearly 100 investors losing $27 million while Churchville utilized $2.5 million for his personal use. Churchville recently pleaded guilty and received a 7-year prison sentence. 

Finally, the SEC filed suit against Blake Templeton and his firms Boron Capital, Boron Holdings 2017, and United BNB Fund 2018, in an effort to halt an alleged Ponzi scheme. Templeton generated $18.7 million for a purported house flipping business, but Templeton instead utilized $14 million to purchase and develop the Dallas Oasis, which is a wedding venue in Texas. The SEC has accused Templeton of falsely misrepresenting that the investments were backed by collateral, while Templeton regularly used funds from newer investors to make purported interest payments to previous investors. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, ponzi schemes

Return to Archive

TESTIMONIALS

Previous
Next

You are the best attorneys in the country.

CC

LATEST NEWS AND ARTICLES

October 3, 2025
SEC Charges Pennsylvania Man in $400 Million Ponzi Scheme

The Securities and Exchange Commission (SEC) has charged Daryl F. Heller of Pennsylvania, along with his companies Prestige Investment Group, LLC, and Paramount Management Group, LLC, for operating a Ponzi scheme that caused investor losses of roughly $400 million.

October 2, 2025
Mercer Advisors Expands Westward with Two RIA Acquisitions

Mercer Advisors has strengthened its presence in the West by acquiring two registered investment advisory firms with offices in Oregon, Idaho, and Southern California.

October 1, 2025
New Jersey Investor Sues Advisor and Insurers Over Premium Financing Losses

A New Jersey resident has filed suit against a financial advisor, his firm, two insurance companies, and other parties over losses tied to a premium financing arrangement for life insurance.