Remember this guy? Tyrone L. Gilliams?
He's the founder of TL Gilliams, a “trading firm” located in a suburb of Philadelphia that promises investors returns of 5% a week. But he’s also so much more than that. He’s a hip-hop promoter. He’s a (n alleged) friend of P. Diddy. He’s an aspiring reality TV star who hired a team of videographers to follow him around. He’s a philanthropist- to the world. While that probably sounds like something anyone looking to put money to work would be extremely interested in, the timing is not quite right. Back in May one client- David Parlin- accused him of misappropriating funds for “trips to the Bahamas, outings to Miami nightclubs, shopping sprees at Saks Fifth Avenue and a Cherry Hill, NJ Mercedes Benz dealership” and of running a Ponzi scheme, filing suit against Gilliams on April 13 and today, Gilliams was arrested and charged with wire fraud. As recently as February, TLG had registered the “Black Fox Fund” (a planned “$20 million stock-focused fund”) and while it’s likely the vehicle will have to be put on hold, if you like your money managers with a side of je ne sais quoi, consider getting in touch once he makes bail.
For those who need convincing: