As reported in an earlier post, last week the SEC brought a civil action against Georgia attorney Robert P. Copeland in connection with an apparent Ponzi scheme that was alleged to have defrauded investors out of millions of dollars. This week, US Attorney David Nahmias brought criminal charges against Copeland, alleging that he committed wire fraud, in connection with a Ponzi scheme that operated from 2004 to 2009. In the fraud, according to the US Attorney's office, Copeland deceived more than one hundred investors out of millions of dollars, promising them returns of up to 15% on their money. Copeland, in addition to soliciting investors himself, obtained investor funds through sales made by financial advisors whom he paid a commission.
Its too early to tell if investors will receive any of their funds returned as a result of the civil and criminal charges brought against Copeland. Importantly, investors whose stockbrokers or financial advisors sold the Copeland investment to them may have other avenues available to them to seek compensation for their losses. If you invested in the Robert Copeland ponzi scheme through a financial advisor or stockbroker, you should immediately consult with a securities attorney. Joel Beck of The Beck Law Firm, LLC, a former NASD Enforcement Attorney, represents investors in securities arbitration cases. If you believe you've been the victim of broker fraud, contact The Beck Law Firm, LLC today for a consultation.
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