Alleged Ponzi scheme operator ordered to pay $17 million // Harrodsburg Man Sentenced To 120 Months
Alleged Ponzi scheme operator ordered to pay $17 million
Harrodsburg Man Sentenced To 120 Months
Robert Moore
Herald Staff
rmoore@harrodsburgherald.com
A Harrodsburg man accused of running a multi-million dollar Ponzi scheme has been ordered to repay $17 million to his victims.
The Commodity Futures Trading Commission announced on Jan. 19 that the U.S. District Court for the Eastern District of Kentucky entered a consent order for permanent injunction, restitution and disgorgement against William S. Evans III and his wife, Frances Evans, both of Harrodsburg.
The court imposed almost $17 million in relief for misappropriation of client money intended for futures trading.
The order also imposes permanent trading and registration bans. The Harrodsburg Herald reported in June 2020 that the couple, who were doing business as Turning Point Investments, had been charged with “fraudulently soliciting and accepting funds from the general public,” according to the federal government.
Turning Point Investments is listed as having an address in Lexington. The company has never been formally incorporated or registered with the federal government.
