Man Ordered to Pay SEC Nearly $25M After Alleged Ponzi Scheme

A South Carolina businessman, his companies, and associated entities must pay the SEC nearly $25 million after the agency alleged he operated a Ponzi scheme, a federal judge said.

Michael French of Pendleton, S.C., and his companies will repay a total of $14.7 million with an additional $6.2 million in third-tier civil penalties directed toward French specifically, Judge J.P. Boulee of, the US District Court for the Northern District of Georgia, said.

Boulee also ordered a collective of seven relief defendants—whom French directly or indirectly controlled—that received proceeds from the scheme to relinquish “certain real properties.” Dugout Enterprises and 52 ...