Georgia Man Indicted in $105 Million Fake Truck Ponzi Scheme Defrauding Hundreds Nationwide
Kristopher Lunsford, a Georgia business owner, has been indicted on six counts of wire fraud and two counts of money laundering in connection with a $105 million Ponzi scheme. Federal prosecutors allege that Lunsford defrauded over 500 investors nationwide through his companies, including AKL Transport LLC and Southern Truck Leasing LLC. Lunsford allegedly promised investors returns of up to 260% on investments in semi-truck leases, claiming they could purchase leases for $25,000 to $40,000 in exchange for weekly payouts of $1,000 to $1,200. U.S. Attorney Greg Kehoe stated that Lunsford claimed to manage all operations, including purchasing 2,000 trucks, but in reality, he owned only about 20, many of which were inoperable. Instead of generating legitimate business profits, Lunsford used $75 million from new investors to pay off earlier ones, a classic Ponzi scheme structure. He was arrested in Nevada.