Investors who federal regulators say were defrauded by a Georgia man with holdings in Chattanooga could see some money back before the end of the year, the receiver in the case said Friday.
U.S. District Court Judge Steven D. Grimberg of Atlanta, during a hearing on Zoom, said he would enter an order approving the receiver’s distribution method in the case of John J. Woods. He is the former Chattanooga Lookouts minority owner who last summer was accused of running a massive Ponzi scheme by the U.S. Securities and Exchange Commission.
The court-appointed receiver, attorney A. Cotten Wright, of Charlotte, North Carolina, said there could be two or three instances of distributions of money to investors. She is selling off assets in which Woods had invested over the last decade or so as he operated the Horizon Private Equity III fund.
Wright
