Atlanta Men Indicted for Multi-Million Dollar Ponzi Schemes
Federal authorities charged Roosevelt Tobias Bailey and Alvin Jones with wire fraud and money laundering in connection to fraudulent investments.
Updated on Oct. 20, 2026 in Financial Crime
Live Poll
Do you feel it is becoming more difficult to identify legitimate investment opportunities today?
Federal authorities have indicted and arrested Roosevelt Tobias Bailey and Alvin Jones for allegedly operating multiple Ponzi schemes through Borg Global. The pair is accused of orchestrating fraud that siphoned nearly $2 million from investors between 2018 and 2022.
Why it matters
The case highlights how complex financial structures, including the use of attorney trust accounts, were allegedly used to deceive victims with promises of extraordinary returns. Investors were lured by claims of massive profit potential that never materialized.
Roosevelt Tobias Bailey faces seven counts of wire fraud, one count of money laundering conspiracy, and three counts of money laundering. Alvin Jones is also charged with money laundering as federal proceedings continue in Atlanta.
The players
Roosevelt Tobias Bailey
The 70-year-old defendant from Duluth, Georgia, allegedly operated the fraudulent investment programs through his company, Borg Global.
Alvin Jones
The 58-year-old defendant from Tampa, Florida, is accused of facilitating the movement of illicit funds through his interest on lawyer trust accounts.
The details
Bailey allegedly promised returns of up to 16 times the principal investment through a Standby Letter of Credit program. To conceal the fraud, he directed funds into IOLTA accounts managed by Jones, who then funneled the money to Bailey or prior investors.
Timeline
October 2018: Bailey began operating the fraudulent schemes.
October 2022: Bailey ceased all communication with investors.
September 22, 2026: A federal grand jury indicted the two defendants.
October 16, 2026: Roosevelt Tobias Bailey was arrested and arraigned.
October 20, 2026: Alvin Jones was arrested and arraigned.
Legal Context
This case reflects broader federal efforts to crack down on fraudulent investment vehicles that misuse attorney trust accounts to gain legitimacy. These actions follow the patterns of deceptive activity detailed in the FBI standby letter of credit alert.
Residents and potential investors are urged to exercise extreme caution regarding investment opportunities that guarantee unrealistic, high-percentage returns in short timeframes. Federal authorities continue to examine the financial trail and advise victims to report suspicious activity to official law enforcement agencies.
The takeaway
Investment schemes promising returns of 16 times the principal amount are almost certainly fraudulent and indicate a high risk of total loss. Always verify the legitimacy of investment managers and ensure that funds are not being held in unusual or personal trust accounts.
Further reading
Learn more about local investigations into Financial Crime cases in our dedicated reporting section.
More information
Review the FBI standby letter of credit alert for guidance on identifying common investment fraud indicators.
Source note: This article includes information reported by The United States Department of Justice.
Live Poll
Do you feel it is becoming more difficult to identify legitimate investment opportunities today?
