Pinnacle Development Partners Charged With Running a Ponzi Scheme

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Pinnacle Development Partners LLC has been charged with running a Ponzi scheme that took $69 million from over 2,000 investors. The top man, Gene O’Neal was charged with 19 counts of federal mail and wire fraud.

In 2006, Pinnacle advertised 25% returns in 60 days (which equals a 280% annual return).  The company claimed it earned such high returns by purchasing distressed real estate and quickly selling it at a profit. Continue reading