Southern Tool & Equipment Repair & Investment Services Ponzi Scheme

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We Can't Make Enough

In one investment program called Southern Tool & Equipment Repair & Investment Services victims were told that their invested funds would be used to purchase used tractor-trailers that were being reconditioned and sold for a profit to large corporations such as Wal-Mart and K-Mart.

Promoters told investors that they operated a distant plant which bought, reconstructed and sold used tractor-trailers but it was actually an elaborate Ponzi scheme that defrauded 31 investors out of more than $800,000.

They never purchased or sold any tractor-trailers, were not licensed investment brokers and they spent a large sum of the swindled money for personal expense