Local News

Raleigh man accused of running Ponzi scheme

Posted August 19, 2012
Updated August 20, 2012

Map Marker  Find News Near Me

— A 56-year-old Raleigh man was charged Friday with securities fraud in connection with a Ponzi scheme that crossed state lines, police said. 

Michael Anthony Jenkins, of 2512 Gregmoor Ct., is charged with three felony counts of securities fraud after police say he took at least $100,000 from several investors between March and October 2011. 

According to police, Jenkins told investors he would be trading E Mini Futures through his company, Harbor Light Asset Management LLC. Instead, Jenkins used the money for personal use and to repay earlier investors, police said. 

The North Carolina Secretary of State Division of Securities said Jenkins was never registered with the state to sell securities or with the National Futures Association to act as a commodities trader.

Greg Frank, one man who gave Jenkins money, said he started noticing issues shortly after investing in September. 

"From the beginning, we started having issues," he said. "We were not getting a statement." 

Frank said the occasional statements he did receive contained good news, but once it was time to collect his money in January, it was gone. 

"We only had $500, so it wasn't a huge thing," Frank said. "Our friends invested thousands of dollars. They had been hit hard with the economy and pretty much invested what's left of their savings."

Jenkins was in the Wake County jail Sunday evening under a $500,000 bond and had his first court appearance Monday.

Secretary of State Elaine F. Marshall said the investigation is continuing and anyone who has made investments with Harbor Light Asset Management LLC should contact the securities division at 1-800-688-4507 or 919-733-3924.

She also warned residents to double-check before investing their money with anyone.

“Calling our securities division would have revealed that Mr. Jenkins was not registered to sell securities, and that should send up a red flag for anyone considering an investment,” Marshall said in a statement. “We strongly urge everyone considering an investment to call...to make sure that the person pitching the investment, and the investment itself, are properly registered with us before they sign over any of their money.”


This story is closed for comments.

Oldest First
View all
  • raleighmoves Aug 20, 2012

    Absolutely the worst kind of thief is one that will steal it with a smile on his face as your face to face with him. This guy should have to pay back every cent, even if it takes him the rest of his life to do so.

  • IHeartThe1Percent Aug 20, 2012

    I always thought Beavis was a fictional character....who knew he was actually in his mid-50's and running a Ponzi scheme in North Carolina?

  • ligonmaterial23 Aug 20, 2012

    I have no investments or portfolios and have little knowledge of the money markets and such . BUT , I do know there is no such thing as a quick or high return . I would be scared of anything over 2-3% max .

  • working for deadbeats Aug 20, 2012

    Anybody who would give money to a guy like that deserves to lose it. American greed? What does that mean?

  • iwannareply Aug 20, 2012

    Two TV words: American Greed

  • simplemind2 Aug 20, 2012

    A quick check would manifest that this crook has failed to pay a couple of vehicle property taxes himself. Thanks to that genius Federal Reserve Chairman Mr. Ben Bernanke who kept the key interest rate close to zero since 2008 and he's even stubborn enough to pledge that he'll keep that low interest rate to at least 2014 no matter what! My saving account with a balance of 12K earned me 1 dollar for the month of May, 99 cents for the month of June and 1.02 for the month of July – i.e. $3.01 interest for 3 whole months. But I have no desire nor interest to find any crook who’s trying to lure me with high return by investing my hard-earned money in them. On one hand, these types of victims can only blame themselves for being too greedy; on the other hand, the credit has to go to Mr. Obama for awarding Second term to Mr. Ben Bernanke as the FRC. Coming November, I think I'll vote for someone else for "Change and Hope" NOT "Moving Forward" which would be HOPELESS!

  • halfpint1552 Aug 20, 2012

    Look into a company's past history and clients before hanging over any of your money! If you fall for a scam like this, you are dumb! I would never invest in anything without doing research first.

  • JAT Aug 20, 2012

    Some people are always trying to make a quick buck for nothing. Anyone stupid enough to (1) give this man money and (2)think they have some great insight that will let them make tons of money for free, deserves to lose that money. Maybe they'll be more careful next time.

  • MonkeyFace Aug 20, 2012

    I've been trying to warn certain friends of mine about investing into things like this. Theres some biding site that you can invest money into penny bids, and people have invested over 10k in this plot. I'm sorry, but what theyve told me, it sounds like a scam!

  • Bartmeister Aug 20, 2012

    Article mentions people investing all that was left from their savings. Bad financial move. Trying to hit a homerun.