Oppenheimer Faces Class Action Suit Over Ponzi Scheme – Horizon Private Equity

Posted on September 13th, 2021 at 12:20 PM
Oppenheimer Faces Class Action Suit Over Ponzi Scheme – Horizon Private Equity

From the Desk of Jim Eccleston at Eccleston Law:

Oppenheimer & Co. (Oppenheimer) is facing a proposed class-action suit alleging that a $110 million Ponzi scheme was conducted by one of the investment banking company’s advisors. Further, the suit alleges that Oppenheimer allowed the advisor to resign without notifying federal regulators. Named plaintiff for the class action suit, Dawson Blvd LLC, claims that it was a victim of a Ponzi scheme purported by an advisor in Oppenheimer’s Atlanta office. The LLC claims that it invested in a fund, Horizon Private Equity III LLC, which was routinely marketed to Oppenheimer clients by advisor John Woods. 

The class action suit comes one month after the Securities and Exchange Commission (SEC) filed a complaint against Woods, which alleged a decade-long scheme that defrauded nearly 400 clients. Woods “made no effort” to hide Horizon Private from Oppenheimer’s management, according to the suit. The suit further alleges that Woods utilized office space to conduct the scheme next door to Oppenheimer’s office. Oppenheimer was fully aware of Woods’ scheme by December 2016; however, Oppenheimer allegedly concealed the scheme from federal regulators and enabled Woods to peacefully resign, according to the suit. 

Eccleston Law LLC is investigating this matter. Those with questions or information should contact us.  

 

Tags: eccleston, eccleston law, ponzi scheme, lawsuit, oppenheimer

Return to Archive

TESTIMONIALS

Previous
Next

I learned two important things working with Eccleston Law. First, I made a friend and ally with Jim and Steph for life. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Jim was referred to me by a most trusted source. I've never had to hire an attorney for anything. Now, I know the value of hiring an important partner. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Brilliant too, I might add. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. One of the best life decisions I've ever made.

Howard S.

LATEST NEWS AND ARTICLES

April 25, 2024
B. Riley Financial Clears Air Amid Allegations, Stock Surges

Amidst swirling speculation regarding its connections with a client linked to the Prophecy Asset Management collapse, B. Riley Financial Inc. has conducted an internal
review, concluding no affiliations with the defunct hedge fund.

April 24, 2024
RIA Insurance Claims Skyrocket

A recent analysis by Golsan Scruggs reveals a staggering 231 percent increase in errors-and-omissions (E&O) liability claims among registered investment advisor (RIA)
insurers.

April 23, 2024
Surge Predicted in Regulation Best Interest Cases

According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.