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SEC Uncovers Millions Lost in D.C. Area Ponzi Scheme

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The Securities and Exchange Commission (SEC) charged North Bethesda resident Garfield M. Taylor and his associates with running a multi-million dollar Ponzi scheme in which he promised investors annual returns of about 20 percent with little or no risk.  Instead, Taylor lost investors money on highly risky options and used funds from new investors to pay the interest promised to other investors.

According to the SEC, Garfield collected more than $27 million from investors between 2005 and 2010.  Any whistleblowers who reported Garfield’s Ponzi scheme to the SEC would likely be eligible for an award under the SEC’s Whistleblower Award Program, which was established following the recent financial crisis that lead to the uncovering of the multi-billion dollar Bernard Madoff Ponzi scheme.

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