Phil Donnahue Williamson, a Miami investment advisor, was charged by the Securities and Exchange Commission (SEC) with taking money from his investment fund and defrauding investors, which included several local teachers and law enforcement officers. The SEC is accusing Phil Donnahue Williamson with conducting a Ponzi scheme with money he raised for the Sterling Investment Fund. Allegedly, these funds were supposed to be invested in mortgages and properties in Florida and Georgia. Williamson’s investors were often retired teachers and law enforcement officers who wanted safe, low risk investments for their retirement. Williamson allegedly told the investors there was little or no risk involved and their annual returns would be 8 to 12 percent. However, rather than invest their money, Williamson used the funds to pay his own personal expenses. He then created phony valuations and sent them out to his investors.
For one example, a retired Miami-Dade County school teacher and church pastor had invested $125,000 in the fund. The day they made the investment, Williamson transferred $10,000 to himself to pay his credit card bill, made a car payment, and paid other personal expenses.
The U.S. Attorney’s Office has also filed criminal charges against Phil Williamson.
Williamson agreed to settle the SEC’s charges. Williamson is liable for $748,050.01 in disgorgement.
South Florida-based Soreide Law Group, represents clients nationwide. If you have sustained losses in this or another Ponzi-like scheme, call a Securities Arbitration Lawyer for no cost consultation on how to potentially recover your losses at 888-760-6552.
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