Permanent Injunction and Industry Bar Against Promoter Who Participated in Legisi Holdings Fraud

Defendant allegedly helped orchestrate a massive Ponzi scheme conducted by Gregory N. McKnight and his company Legisi Holdings, which raised approximately $72 million from more than 3,000 investors in all 50 states and several foreign countries. Offering proceeds were supposed to be invested in various vehicles including foreign currencies, commodity futures, stocks, and real estate, and pay interest of as much as 15 percent per month from the resulting profits. However, less than half of the offering proceeds were invested as promised, and those investments resulted in millions of dollars in losses. The rest was misappropriated. Defendant was allegedly paid approximately $3.8 million by McKnight for his role as a promoter, in which he falsely claimed to have thoroughly researched Legisi.