Birmingham Man Pleads Guilty to Ponzi Scheme Fraud
Federal prosecutors say a Florida man defrauded 27 investors of over $2 million in a fake options trading scheme.
Updated on Oct. 30, 2026 in Financial Crime
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Federal prosecutors have charged Jedidiah Michael Josiah Harris with securities fraud for operating a Ponzi scheme. Harris has filed a plea agreement to admit to the charges.
Why it matters
The case highlights the dangers of investment solicitations promising high monthly returns through S&P 500 options. Investors lost more than $2 million as their funds were diverted for personal use rather than legitimate trading.
Federal prosecutors charged Jedidiah Michael Josiah Harris with securities fraud in U.S. District Court. Harris has since filed a plea agreement to plead guilty to the charges.
The players
Jedidiah Michael Josiah Harris
The defendant is a Sanford, Florida resident who operated the fraudulent investment companies.
The Invictus Group, LLC
This entity was one of two companies controlled by Harris used to facilitate the investment scheme.
Pivot Global Analytic, LLC
This entity was the second company controlled by Harris to solicit client funds.
The details
Operating from 2022 to 2025, Harris controlled two entities, The Invictus Group, LLC and Pivot Global Analytic, LLC, to solicit clients. He gained confidence by presenting himself as a successful trader before using new investor funds to pay returns to earlier participants.
Timeline
The Ponzi scheme operated between 2022 and 2025.
Authorities announced the criminal charges on October 30, 2026.
Legal Context
Federal authorities frequently prosecute such schemes under provisions of the Securities Exchange Act of 1934 designed to protect market integrity. These cases reflect a pattern of regulatory enforcement against individuals who use fraudulent vehicles to misappropriate investor capital.
Residents should exercise caution when presented with investment opportunities that guarantee consistent monthly returns between 10% and 40%. The case serves as a reminder for the public to verify the legitimacy of trading entities through official regulatory databases.
The takeaway
Always conduct due diligence before entrusting capital to private traders or firms. If an investment opportunity promises high, consistent returns that seem disconnected from market performance, it is often a sign of fraudulent activity.
Further reading
For more on how local authorities handle white-collar offenses, see Financial Crime.
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