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U.S. Securities and Exchange Commission

The Estate of Kenneth Wayne McLeod, F&S Asset Management Group, Inc., and Federal Employee Benefits Group, Inc.

On June 24, 2010, the SEC obtained an asset freeze and other emergency relief against a Jacksonville, Florida, retirement benefits consulting firm that allegedly defrauded active and retired government employees and law enforcement agents nationwide through a Ponzi scheme.† The SEC charged the estate of the recently-deceased Kenneth Wayne McLeod, his benefits consulting firm, Federal Employee Benefits Group, Inc., and his registered investment adviser, F&S Asset Management Group, Inc. with fraudulently soliciting government employees to invest in a government bond fund that didn't exist.

In its complaint, the SEC alleged that McLeod lured many of his investors through retirement benefits seminars he gave at government agencies, raising at least $34 million from an estimated 260 investors.† For more information about the SECís action, you can read Litigation Release No. 21569 (June 25, 2010).

The Court appointed Michael Goldberg, Esq. as Receiver.† For information about the Receivership, you can visit the Receiverís website.

http://www.sec.gov/divisions/enforce/claims/febginc.htm


Modified: 07/02/2010