SEC Charges Convicted Fraudster in Real Estate Ponzi Scheme

The Securities and Exchange Commission today charged Wilson Baston with defrauding numerous investors in a Ponzi scheme, in which he raised millions of dollars through dozens of transactions purportedly to fund real estate investments, but frequently used the money to instead pay off earlier investors and for personal expenses. In 2008, Baston pleaded guilty to deceiving hundreds of investors in a Ponzi scheme. According to the SEC’s complaint, soon after his release from prison in 2017, Baston began using aliases, including Chanon Gordon, and presented himself to investors as having expertise in the real estate industry. The complaint alleges that Baston solicited investors to invest with Gordon Management Group LLC, a purported real estate company, by telling them that their money would be used for the purpose of funding specific real estate transactions.