FLORIDA MAN CHARGED IN $2 MILLION PONZI SCHEME THAT PROMISED INVESTORS RETURNS OF UP TO 40% PER MONTH

BIRMINGHAM, ALABAMA — A Florida man has been charged with federal securities fraud in connection with a multimillion-dollar Ponzi scheme that targeted investors in Alabama and other states, promising extraordinary monthly returns through purported stock market investments while diverting their money for personal use.

Jedidiah Michael Josiah Harris, 37, of Sanford, Florida, also known as “Jay,” was charged in a one-count criminal information filed in the U.S. District Court for the Northern District of Alabama. According to an October 30, 2026, announcement from the U.S. Attorney’s Office, Harris has entered into a plea agreement indicating his intention to plead guilty. A court date for formally entering that plea has not yet been scheduled.

Federal prosecutors allege that between 2022 and 2025, Harris operated the fraudulent investment scheme through two companies under his control, The Invictus Group, LLC, and Pivot Global Analytic, LLC. He presented himself as an experienced investor and options trader capable of generating substantial profits through strategies involving the S&P 500 stock market index.

According to the charging document and plea agreement, Harris persuaded investors to contribute money by claiming their funds would be combined with his own capital and investments from other clients. He promised monthly returns ranging from 10% to 40%, figures substantially exceeding conventional investment expectations. To maintain the appearance of profitability, Harris allegedly distributed fabricated monthly account statements showing exceptional gains that the investments had not actually generated.

Rather than investing the money as represented, prosecutors say Harris diverted client funds for personal expenses. The operation allegedly defrauded approximately 27 investors of more than $2 million. The case was characterized by federal authorities as a Ponzi scheme, a form of investment fraud in which money obtained from newer investors is used to make payments to earlier participants instead of generating legitimate investment profits.

The Alabama Securities Commission played a central role in investigating the financial transactions and representations made to investors. Director Amanda Senn identified promises of unusually high or guaranteed returns as significant warning signs of potential securities fraud, emphasizing the importance of examining investment claims before committing funds.

U.S. Attorney Phillip W. Williams Jr. announced the federal charge alongside Senn and FBI Birmingham Special Agent in Charge David R. Fitzgibbons. The investigation involved cooperation between federal agents and Alabama securities regulators to examine the alleged misuse of investment funds and identify the individuals affected.

Assistant U.S. Attorneys Ryan P. Niedermair and John B. Ward are prosecuting the case, with assistance from Alabama Assistant Attorneys General Steve Feaga and George Martin.

The criminal information and accompanying plea agreement represent an important development in the prosecution, but Harris has not yet formally entered his guilty plea in court. Until the judicial process establishes his guilt, he remains presumed innocent of the federal charge.

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