Garfield Taylor charged with Ponzi scheme
WASHINGTON (AP) - The Securities and Exchange Commission has charged six people with a scheme to defraud approximately 130 investors of more than $27 million.
The SEC alleges that Bethesda, Md., resident Garfield Taylor and five others lured investors into what the investors thought were low-risk investments, urging them to refinance their homes and promising returns as high as 20 percent per year. Instead, however, authorities charge Taylor and his companies engaged in high-risk and speculative trading and that led to massive losses. He also allegedly took $5 million in investor funds to pay family and friends and for personal use.
The scheme allegedly took place from 2005 to 2010, when it collapsed.
Five other individuals were charged along with Taylor, including family members. An apparent phone listing for Taylor's company was disconnected.
RecommendedRecent Facebook Activity
Only On 7
For all the breaking stories happening in your neighborhood and developing stories happening around the world, join Leon Harris and Alison Starling weeknights on ABC7 News at 5 and 11.
TBD Blogs What you need to read
@TBD On Foot
Best of TBD In case you missed it
Hey, no city's perfect!