Georgia Man and Florida Attorney Charged in Alleged Ponzi Schemes That Promised 16x Returns in Under Three Months

A Georgia investment broker and a Florida attorney have been charged with running Ponzi schemes that allegedly took nearly $2 million from investors. The schemes promised returns as high as 16 times an investment in as little as 30 to 90 days, says the U.S. Attorney’s Office for the Northern District of Georgia. Prosecutors say Roosevelt Tobias “Toby” Bailey, 70, of Duluth, ran two schemes through his company, Borg Global, from about October 2018 through October 2022. The first, called the Micro-Cap program, promised to double investors’ money by pooling funds to buy precious stones and metals outside the US and resell them at a higher price inside the country.

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