An Atlanta attorney is under investigation by the FBI for allegedly operating a Ponzi scheme that defrauded approximately 100 victims from various states out of more than $30 million. The victims, who are from Georgia, Florida, Texas, Missouri, and South Carolina, invested anywhere from a few thousand dollars to more than a million dollars with Robert Price Copeland, doing business as Robert P. Copeland, P.C., Axiom Development Group, Inc., We Buy, Inc., HBV Services, Inc., and other entities.
The United States has filed a civil forfeiture action in the United States District Court for the Northern District of Georgia, Atlanta Division (civil action no. 1:09-CV-684), to seize property that was derived from the fraudulent scheme. Investors who have lost money in the scheme should consider filing a claim in the forfeiture action, as well as consulting with legal counsel to explore possible additional avenues of recovery.
According to the U. S. government, Copeland often attracted investor funds by convincing financial advisors to invest their clients’ money in his scheme. In return, these financial advisors received commissions based on the overall percentage of their clients’ funds invested with Copeland. While the prospects of recovering losses in the forfeiture action are uncertain, financial advisors and the firms that employed them may well be liable for their clients’ losses in the scheme.
The scheme often involved routing investor funds to a bank in Kansas. Investors apparently signed papers purportedly authorizing one of the complicit financial advisors to manage the account. The funds were ostensibly to be used to purchase real estate in foreclosure at no more than 40% of the market value, and then sold at a profit. Investors were told that the principal they invested was risk free. They were given written warranties that the investments were secured by titles to property and that they would receive copies of those titles upon the closing of the various mortgage loans. Copeland promised a guaranteed return of 15% every six or twelve months.
In nearly all instances, according to the government, Copeland did not purchase any real estate, but instead created fictitious notes and security, and distributed newly generated or invested money to previous investors. These distributions suddenly stopped in March of 2009.
Page Perry is an Atlanta-based law firm with over 125 years collective experience representing investors in securities-related litigation and arbitration. While past results are not indicative of future success, Page Perry’s attorneys have recovered over $1,000,000 for clients on more than 30 occasions. Page Perry’s attorneys are actively involved in representing institutional and individual investors in Morgan Keegan cases. For further information, please contact us.