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SEC charges investment adviser with defrauding teachers
by Joseph Earnest June 3, 2015
Newscast Media WASHINGTON— The Securities and Exchange Commission today charged an investment adviser in Miami with siphoning money from his investment fund and defrauding investors, including several local teachers and law enforcement officers.
The SEC alleges that Phil Donnahue Williamson conducted a Ponzi scheme with money he raised for the Sterling Investment Fund, which purportedly invested in mortgages and properties in Florida and Georgia. Many of Williamson’s investors were public sector retirees such as teachers and law enforcement officers who sought safe investments for their retirement savings.
Williamson assured investors there was no risk involved and they would receive annual returns of 8 to 12 percent. But rather than invest their money as promised, he used the majority of fund assets to pay his personal expenses and make supposed returns to investors. Williamson created fictitious valuations that were sent to investors.
"We allege that Williamson lured retired teachers, law enforcement officers, and others into believing that the Sterling Investment Fund was a safe investment generating significant returns," said Eric I. Bustillo, Director of the SEC’s Miami Regional Office. "Investors entrusted him with their retirement savings, and he spent it as his own money."
In a parallel action, the U.S. Attorney's Office for the Southern District of Florida today announced criminal charges against Williamson. Add Comments>>
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