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Philip Barry, The Leverage Group, Charged with Inducing Hundreds to Invest in $40 Million Ponzi Scheme
As alleged in the complaint, Philip Barry began accepting money in the late 1970s from individuals seeking a return on investment. Operating multiple entities that over time collectively became known as “the Leverage Group,” Barry told potential investors that the Leverage Group invested in stock options. To induce investments and discourage withdrawals, Barry, among other things, (1) guaranteed specified positive rates of return, (2) issued account statements that showed growing account balances, (3) represented that investing in the Leverage Group was safe, and (4) promised that withdrawals could be made easily. In 2006, Barry distributed a letter stating that the Leverage Group had “produced annual returns ranging from the recent 12.55% to a high of 21% back in 1979.”
Philip Barry, The Leverage Group, Charged with Inducing Hundreds to Invest in $40 Million Ponzi Scheme
As alleged in the complaint, Philip Barry began accepting money in the late 1970s from individuals seeking a return on investment. Operating multiple entities that over time collectively became known as “the Leverage Group,” Barry told potential investors that the Leverage Group invested in stock options. To induce investments and discourage withdrawals, Barry, among other things, (1) guaranteed specified positive rates of return, (2) issued account statements that showed growing account balances, (3) represented that investing in the Leverage Group was safe, and (4) promised that withdrawals could be made easily. In 2006, Barry distributed a letter stating that the Leverage Group had “produced annual returns ranging from the recent 12.55% to a high of 21% back in 1979.”