SEC and DOJ Target $770 Million Prestige Funds Ponzi Scheme

Posted on September 26th, 2025 at 11:31 AM
SEC and DOJ Target $770 Million Prestige Funds Ponzi Scheme

From the desk of Jim Eccleston at Eccleston Law

According to the Securities and Exchange Commission (SEC) and the U.S. Attorney’s Office, Daryl Heller and his companies—Prestige Investment Group and Paramount Management Group—raised more than $770 million from about 2,700 investors between 2017 and 2024. Investors were allegedly promised steady monthly returns from an ATM network that was supposed to be both large and profitable. Regulators claim the network was much smaller than advertised, and the payouts investors received largely came from new investor money and high-interest loans.

Authorities also allege that Prestige issued false statements and tax forms, and that millions of investor dollars were misused for personal spending and unrelated businesses. The SEC estimates that Prestige and WF Velocity investors lost about $400 million. Those with information or those who invested should contact Eccleston Law.

 

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

Tags: eccleston, eccleston law, sec, doj

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