Receiver For Alleged Wayne McLeod Ponzi Scheme That Bilked Government Workers Opens Website; Michael I. Goldberg Asks For Help From Victims
Saying he is interested in receiving input from victims, the court-appointed receiver in the alleged K. Wayne McLeod/Federal Employee Benefits Group Ponzi scheme has opened a website titled after the name of one of the companies named a defendant in the case by the SEC.
Also named a defendant in the SEC case was another McLeod entity known as F&S Asset Management Group Inc. (FSAMG). McLeod died June 22. His death has been described by the Jacksonville Sheriff’s Office as a suicide. The SEC said in court filings last week that McLeod admitted to operating a fraud scheme after being confronted with evidence.
He initially painted his company in a favorable light, according to court filings.
The URL for the receiver’s site is FEBGinfo.com. (See link below.) Federal Employee Benefits Group went by the acronym FEBG and allegedly offered two bond funds that used the same acronym: FEBG Bond Fund and FEBG Special Fund. Both purported funds were scams, the SEC said.
Receiver Michael I. Goldberg, a veteran attorney who also holds an MBA and has considerable experience in unraveling Ponzi schemes, cautioned that his probe was in its early stages.
Goldberg’s early suggestions for creditors and victims are here.
He noted that he was open to ideas, while also suggesting at least some of the victims may have “years of investigatory experience” that may be helpful to his probe.
The SEC said the scheme, which is alleged to have begun in 1988, was targeted at government workers and law-enforcement agents. McLeod allegedly raised at least $34 million from an estimated 260 workers.
Investigators said the government paid McLeod “up to” $15,000 to speak about benefits and retirement planning to government workers.
Here is the link to the FEBG receivership site.
Here (below) is a snapshot from one of the SEC filings in the case. Read the full document here.