Call Now For a Free Consultation:
(614) 502-6165

Michael Anthony Jenkins and Harbor Light Asset Management Face Charges for Solicitation Fraud, Misappropriation and Embezzlement in Ponzi Scheme

North Carolina Man Michael Anthony Jenkins Faces Civil and Criminal Charges for Solicitation Fraud, Misappropriation, and Embezzlement in Ponzi Scheme

A Raleigh man faces civil and criminal charges for the operation of an alleged Ponzi scheme that authorities say defrauded approximately 377 investors out of at least $1.79 million. The alleged investment scheme ran from at least Jan. 2011 through Jan. 2012, and involved the sale and trade of E-mini S&P 500 futures contracts.

The U.S. Commodity Futures Trading Commission (CFTC) announced the filing of its civil Complaint against Michael Anthony Jenkins and his company, Harbor Light Asset Management, LLC (HLAM), last week.

According to the Complaint, Jenkins and HLAM falsely represented to investors that investments with the company would be used exclusively to purpose E-mini futures contracts and that investor funds would be wired immediately to a specific trading account upon investment.

However, instead of doing as they represented, Jenkins and HLAM allegedly misappropriated $1.16 million of investors’ funds and used the money for Jenkins’ personal purposes. Almost three-quarters of a million dollars allegedly was used to trade gold and oil futures, stock index futures, and E-mini futures in Jenkins’ personal accounts. The rest was used to pay for cellular phone bills, airline tickets, gas, and department store charges, according to the Complaint.

The Complaint further accuses Jenkins and HLAM of attempting to cover up the fraudulent scheme by issuing falsified trading spreadsheets and statements to investors.

The Securities Division of the North Carolina Department of the Secretary of State indicted Jenkins on similar charges of securities fraud on Aug. 20, 2012. He is currently in custody awaiting trial. For additional information, read the CFTC’s press release here.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation

Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
6140 Parkland Blvd.,
Suite 330
Mayfield Heights, OH 44124
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
Follow Us
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram