A Man Sentenced to Prison for Ponzi Scam Involving More Than $3.6M

The U.S. Department of Justice's Office of Public Affairs issued a news release on Friday (April 19) announcing that a Florida man has been sentenced to one year in prison for Ponzi scam.

According to court documents, the 48-year-old man sentenced to prison, Michael Wayne Williams, was the founder, operator and investment manager of the hedge fund management firm Highguard Capital and its affiliated entities Guardian Opportunity Fund and Guardian Opportunity Management.

He had convinced victims to invest more than $3.6 million in entities he controlled. He also used these funds to settle previous civil lawsuit accusing him of fraud and to pay investors in other discontinued funds he had managed.

However, this is not the first time Williams has been involved in a Ponzi scheme. In October 2023, he pleaded guilty in a wire fraud case.

Meanwhile, the U.S. Department of Justice is encouraging victims of the case to contact the related authorities.