Georgia business owner, Florida attorney charged in $2-million Ponzi schemes, prosecutors say – CBS News

Georgia business owner, Florida attorney charged in $2-million Ponzi schemes, prosecutors say  CBS News

Federal prosecutors have indicted a Duluth business owner and a former prosecutor living in Florida accused of running two multi-million-dollar Ponzi schemes for years.Investigators say 70-year-old Roosevelt Tobias "Toby" Bailey and 48-year-old Alvin Jones allegedly stole around $2 million from investors between 2018 and 2022.Prosecutors with the U.S. Attorney's Office for the Northern District of Georgia say that Bailey operated the schemes through his company, Borg Global. According to the indictment, Bailey promised investors that the company would pool investment funds to buy precious stones and metals outside the country and then resell them inside the United States, doubling their investment. Prosecutors say he also claimed that his company would lease or monitRoosevelt Tobias "Toby" Bailey, a Duluth, Georgia resident, and Alvin Jones, a former prosecutor and current practicing attorney, have been indicted, arrested, and arraigned in federal court on charges arising from two alleged multi-year, multi-million-dollar Ponzi schemes.

According to U.S. Attorney Hertzberg, the indictment, and information provided in court: From approximately October 2018 through October 2022, Bailey allegedly operated two fraudulent investment schemes through his company, Borg Global. The first scheme—called the Micro-Cap program—promised investors that Borg Global would pool investor funds to purchase precious stones and metals from outside the United States and then resell them for a higher price within the United States, effectively doubling the