Real Estate Fraud: Pyramid Scheme in Atlanta

Matt Buckmiller

Attorney

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Gene A. O'Neal an Atlanta, Georgia real estate promoter pled guilty on Tuesday to two counts of mail and wire fraud. O'Neal stole tens of millions of dollars from investors through a pyramid scheme. A civil complaint filed by the SEC last October is pending against O'Neal and his company, Pinnacle Development Partners LLC. Some of O'Neal's more reprehensible actions included allegedly using investors assets to furish Pinnacle's office ($700,000) and to buy three cars a $72,000 Land Rover, a $69,000 Cadillac Escalade and an $117,000 Maserati. O'Neal's other purchases included $26,000 in jewelry, $49,000 in personal credit card payments and a whopping $365,000 to pay off personal income taxes.