SEC Halts Alleged $34M Ponzi Scheme - TIME

SEC Halts Alleged $34M Ponzi Scheme - TIME:

"McLeod, who was 48 and lived in Jacksonville, died Tuesday. His body reportedly was found in a Jacksonville park with an apparent self-inflicted gunshot wound. Following his death, it is unclear who, if anyone, is in control of the two firms, the SEC said.

The SEC alleged that McLeod lured many of the active and retired federal employees through retirement planning seminars he put on at government agencies around the country. The agencies paid Federal Employee Benefits Group as much as $15,000 for each seminar. McLeod promoted the security of the government bond fund but in fact never bought any bonds and used the money to run a Ponzi scheme, using new investors' money to pay earlier investors, according to the SEC."