An Alleged $75 million Ponzi Scheme
SEC freezes guru's assets amid allegations that The Income Store, which bought hundreds of Shopify stores, was a Ponzi-like scheme that raised at least $75 million from more than 500 investors since 2017.
The Unofficial Shopify Podcast · Paul Reda, Kurt Elster
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Show Notes
Last Spring, a listener invited me to lunch with the Courtrights, a couple who ran a business that invested in Shopify stores– hundreds of Shopify stores– and offered a guaranteed rate of return to investors.
On January 14th, the SEC announced that, "it filed an emergency enforcement action and obtained a temporary restraining order and asset freeze against Illinois resident Kenneth D. Courtright, III and his company, Todays Growth Consultant Inc., in connection with an alleged Ponzi-like scheme that raised at least $75 million from more than 500 investors throughout the United States and abroad."
Let's unpack that.
Links Mentioned
- SEC Statement
- Chicago Tribune: SEC freezes assets of suburban owner of The Income Store, allegedly a $75 million Ponzi-like website investment scheme
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