Legisi Holdings: Another online investment dream goes bust!
Photo by: Bill in Ash Vegas
The US Securities and Exchange Commission has been awarded an order in favor of seizure of all assets of Gregory McKnight and Legisi Holdings LLC, his investment company. McKnight was under investigation for sometime by the commission for misusing $72 Million of investor money.
McKnight, it alleged, invited investments online through his website legisi.com. Investors were promised as much as 15% monthly in return for their investments. They were told the funds would be invested in foreign exchange, real estate, futures, and stock.
It is now alleged that he invested only $33 Million of the investor money. $27.5 Million of the rest is now assumed to have been used to payback returns to early investors in the manner of ponzi scams. He is also said to have misappropriated $2.2 Million to cover personal expenses and to doling out payments to near-and-dear relatives.
This would affect more than 3000 investors in the US and some 30-odd foreign countries. The freeze order would be applicable to other companies associated with McKnight like Legisi Marketing, Lido Consulting, HBN, and Lindenwood.
Merri Jo Gillette, Regional Director of the SEC’s Chicago Regional Office rounded off the company succinctly:
“As alleged in our complaint, McKnight lured investors from around the globe into investing by claiming on his Web site that the Legisi program was legitimate and unlike other ‘scams’ and ‘high yield investment programs’ that you see on the Internet. In fact, McKnight’s Legisi program was just that, a scam from beginning to end!”
Hopefully, the seizure would help realize enough money to payback those who invested with the company. This would ensure there are no victims to this scam.
Source: US SEC Press Release
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June 27th, 2008 at 4:45 pm
what are chance of geting are money back
July 9th, 2008 at 12:48 pm
I have money invested in Legisi - what are the chances if getting it back?
July 10th, 2008 at 8:27 am
@ Patricia…
Try lodging a complaint with SEC at http://www.sec.gov/divisions/enforce/claims.htm.
As far as I can tell, investigations to the company are still ongoing.
Filing a complaint will
give you the best chance of getting your money back…
Best Wishes!
September 11th, 2008 at 3:18 pm
Pleas help, I have 10.000 hard earned monies invested’ Thanks so much
November 30th, 2008 at 2:28 am
You all were stupid! when I was presented with this it was so clear it was a scam and you were all going to make all this money and not claim it either your as bad as him. and matt gagnon the other genious that produced this scumbag…………..good day
April 7th, 2009 at 12:01 pm
Mike I see your point and I did not fall for it either. However, many have and I do feel bad for them. I believe they were just looking for an honest way to invest their hard earned money and find something legit that actually works. I don’t believe they were stupid, just hopeful and naive.