SEC v. Robert P. Copeland

SEC complaint against Robert P. Copeland


The SEC filed this complaint against Robert P. Copeland, a Georgia resident and an attorney licensed to practice in the State of Georgia.

The Complaint sets forth a classic Ponzi scheme operated by Copeland, in which he used new investor funds to make payment obligations to earlier investors. The SEC alleges that from at least 2004 through January 2009 Copeland fraudulently raised over $35 million from at least 140 investors in several states, including Georgia. The Complaint further alleges that Copeland promoted investments orally and through written materials claiming to earn 15-18 percent interest per year, and claiming that investor funds would be loaned in connection with real estate transactions, including private mortgage lending. Through entities which he controlled, Copeland directed the unregistered offer and sale of promissory notes evidencing the investor loans. The notes were often collateralized by security deeds to which Copeland signed the names of fictitious persons.

In reality, Copeland used comparatively few of the investor funds in connection with real estate. Copeland deposited investor funds into four bank accounts in the name of his law firm, and that he misappropriated millions of dollars of investor funds for his personal use, spending the funds in connection with his personal residence, vehicles, and expensive artwork.

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Reference Info:Pleadings | Federal, 11th Circuit, Georgia | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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