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- Jedidiah Michael Josiah Harris, 37, allegedly defrauded approximately 27 investors of more than $2 mn between 2022 and 2025.
- Harris used two companies to solicit investments, promising monthly returns of 10% to 40% through S&P 500 options trading.
- A plea agreement indicates Harris has agreed to plead guilty to securities fraud, with the court yet to schedule the hearing.
A Florida man allegedly defrauded approximately 27 investors in Alabama and other states of more than $2 mn through an investment scheme promising unusually high returns from S&P 500 options trading, according to the US Department of Justice.
Jedidiah Michael Josiah Harris, 37, of Sanford, Florida, faces one count of securities fraud. A plea agreement filed in US District Court indicates that he has agreed to plead guilty, although no hearing date has been set.
Ponzi scheme promised investors monthly returns of up to 40%
According to court filings, Harris operated the alleged scheme between 2022 and 2025 through two companies he controlled, The Invictus Group, LLC and Pivot Global Analytic, LLC. He presented himself as a successful investor and options trader capable of generating unusually high returns through his investment strategies.
Harris told clients their money would be pooled with his own funds and capital from other investors, then invested in options linked to the S&P 500 index.
He promised monthly returns ranging from 10% to 40% and distributed fraudulent account statements showing substantial investment gains.
Prosecutors said Harris did not invest the money as promised, instead diverting client funds for personal use.
A Ponzi scheme typically involves using money from newer investors to make payments to earlier participants rather than generating returns through legitimate investment activity.
FBI and Alabama securities regulators investigate investment fraud
The FBI and Alabama Securities Commission jointly investigated the case. David R. Fitzgibbons, Special Agent in Charge of the FBI’s Birmingham Division, described the operation as a deliberate scheme targeting individual investors and said the bureau would continue pursuing financial fraud cases.
Alabama Securities Commission Director Amanda Senn warned that promises of unusually high or guaranteed investment returns should raise concerns among prospective investors.
He gained their confidence by using false information and promising returns that were too good to be true. Anytime someone promises or guarantees high returns on investments, red flags should go up immediately.
Amanda Senn, Alabama Securities Commission Director
US Attorney Phillip W. Williams Jr. credited the Alabama Securities Commission’s investigative work and cooperation with federal authorities.
Assistant US 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 information filed against Harris contains allegations rather than a finding of guilt. He remains presumed innocent unless and until proven guilty.
