Illinois Man Paid Tuition, Mortgage With Ponzi Profits, SEC Says

Kenneth D. Courtright III and his company raised more than $75 million from investors in a “Ponzi-like scheme,” with some funds spent on his children’s private school tuition, the SEC says in court filings made public Tuesday.

Courtright and Todays Growth Consultant Inc. promised investors that revenue generated by websites TGC built or acquired would provide them with guaranteed returns, but actually used new investments to bridge the gap when revenues fell short, the Securities and Exchange Commission says in a newly unsealed U.S. District Court for the Northern District of Illinois complaint.

The agency secured a temporary restraining ...