Maryland Ponzi Indictment
"According to the [Maryland] indictment, Poteat and Bellamy recruited individuals from throughout the United States to join CEP, making misleading representations to the investors as to how their investment in JLR would work and the amount of return guaranteed on their investment. Poteat and Bellamy would send the investors monthly and quarterly statements containing false information about the returns the investors were earning. The defendants also encouraged investors to become "mentors" in JLR's program and recruit others to become investors in CEP and JLR. As a mentor, an investor was supposedly entitled to receive a percentage of the earnings of the investors they recruited. In this way, Poteat and Bellamy collected over $17 million from investors."
Unfortunately, this file is still sealed and not documents are available. As they become available, I will be able to comment on the case.
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