U.S. SEC: Texas "Bond Trading" Ponzi Scheme Raised $91 Million

The U.S. Securities and Exchange Commission (SEC) stated that three residents of Texas were involved in a $91 million Ponzi scheme that promised investors guaranteed monthly returns through supposed international bond trading. On April 29th, in a complaint filed with the Eastern District of Texas federal court, the SEC alleged that Kenneth Alexander II, Robert Welsh, and Kaitlyn Conner raised funds from over 200 investors. The complaint stated that Alexander and Welsh operated the scheme through Alexander's company, Vanguard Holdings Group Irrevocable Trust. The name of the company is similar to another well-known investment company, Vanguard Group, which is unrelated to Vanguard Holdings Group.