FREEPORT, Maine (CelebrityAccess) — On Tuesday, a federal court ruled against a Christian concert promoter accused of bilking investors in a Ponzi scheme.
According to the SEC, the Commission charged Jeffrey E. Wall, of Freeport, Maine, and his business, The Lighthouse Events, LLC with community-based financial fraud after he raised more than $3 million in unregistered investments from investors who thought they were taking a stake in Christian music concerts and festivals.
Wall promised his investors, many of whom shared his purported religious convictions, that the investments were “secured” and “guaranteed” and would be used to fund music concerts and festivals, the SEC said.
However, the SEC alleged that Wall instead used the money to pay his company’s existing debts, and repaying previous investors.
The court enjoined Wall and Lighthouse from engaging in future fraudulent behavior and ordered him and his company to repay $1,589,815 along with an additional $202,056 in prejudgment interest. They also hit him with penalties of $1,589,815 and required an additional $1,589,815 in penalties that were levied against Lighthouse.
Wall has served as the President of Lighthouse Events since 2006 and has overseen the Christian-oriented RiverRock Music Festival since 2014.