George Elia Ponzi Scheme Trial Scheduled for This Week
The $11 million Ponzi scheme perpetrated on members of the Wilton Manors, Florida gay community from March 2005 to January 2012 is headed for trial this week in a Miami federal court.
Defendants George Elia and his company, International Consultants & Investment Group Ltd. Corp., orchestrated a Ponzi scheme in which Elia raised approximately $11 million from approximately 25 investors, according to an SEC complaint. Elia allegedly lied to investors by claiming to generate returns as high as 26% through day trading stocks and exchange-traded funds.
Elia allegedly transferred the funds to entities he controlled, including Relief Defendants 212 Entertainment Club, Inc., and Elia Realty, Inc. He also used some of the funds to pay personal expenses such as mortgage and car payments, and to pay an associate to introduce him to potential investors to sustain his Ponzi scheme.
George Elia, 69, faces 10 fraud-related charges, according to the Sun-Sentinel. Co-defendant James F. “Jim” Ellis, who recruited investors using his connections in the gay community, pleaded guilty last month to a single count of conspiracy to commit mail and wire fraud.
Fort Lauderdale Securities Litigation and Arbitration Attorney
Contact Fort Lauderdale securities litigation and arbitration attorney Howard N. Kahn, Esq. if you or someone you know has a securities or broker dispute. He is an experienced securities litigation and arbitration attorney, and is available to assist individual investors, brokers, and brokerage firms involved in securities matters. You can reach him at 954-321-0176 or online.
