SEC: Pension-plan worker's fund scheme took $860,000 from South Florida police
A Port St. Lucie, Fla., man and his company raised about $860,000 from at least 18 investors, many of them current or retired South Florida law enforcement officers, with false claims of outsized trading returns, the SEC alleges. Many trusted Michael D. Williams because he worked for a police and firefighter pension plan administrator, the complaint says. The SEC says he never opened a brokerage account for the funds, sent cropped screenshots of trading profits and spent about $384,000 on personal expenses, including a sports car. He has repaid more than $375,000. The defendants agreed to settle, pending court approval.
The wall: court approval and penalties pending; investor accounts
Tier: Confirmed
Sources
- sec.gov/newsroom/press-releases/2026-92-sec-charges-south-florida-resident-his-company-alleged-investment-scheme-defrauding-law-enforcement
- sec.gov/enforcement-litigation/litigation-releases/lr-26646
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