Judge freezes assets including part ownership of Chattanooga Lookouts
Assets including 20% ownership of the Chattanooga Lookouts were placed in receivership Tuesday by a judge in Atlanta after the U.S. Securities and Exchange Commission accused investor John J. Woods of running “a massive Ponzi scheme for over a decade.”
Attorneys for Woods disputed that claim during the hearing Tuesday, saying there are considerable assets available to repay the 400 investors in Horizon Private Equity, who were promised returns of 6-7%.
“There may be mismanagement, there may be disclosure issues, but this is not a run when the music stops and all the money’s gone and it’s just Lamborghinis and jets,” attorney Dave Chaiken said.
Woods, a 56-year-old East Ridge native, lives in Marietta, Georgia, and maintains offices around the country, including in the UBS building in downtown Chattanooga.
Until he left the role this week, Woods was president and CEO of Chattanooga-based Southport Capital,…