MACON, Ga. — A federal agency says a Macon-based investment company cheated investors out of more than $3.3 million.
In a federal lawsuit, the Securities and Exchange Commission says Black Lion Investment Partners promised investors returns of up to $5 million a week, or 7 percent.
All they had to do was leave money in escrow with Black Lion.
Instead, the lawsuit says, the company's three partners moved the money into their own accounts or used it to pay off other investors.
The suit says the company's president and CEO, Edward Wooten, lives in Macon. The SEC claims Wooten used investors' money to buy and renovate a home.
The other two members of the firm live in Illinois and Minnesota.
The SEC lawsuit says the three cases of alleged fraud happened in 2019.
For example, Black Lion told one investor that they could turn a $55,000 escrow into $20 million in 45 days.
Instead, they used the $55,000 to pay off a previous investor. "Investor 3" didn't get his $20 million or his $55,000 escrow, the lawsuit says.
It accuses Wooten and his two partners of three fraud counts. Federal attorneys want a judge to order the men to repay their "ill-gotten gains."
13WMAZ could not reach Wooten or Black Lion for comment. They have not responded in court, and no trial date has been set.
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