Hundreds scammed in $105M fake truck Ponzi scheme: DOJ
Fake truck empire scam busted
The U.S. attorney for the Middle District of Florida gives an update after a Georgia man was indicted for scamming more than 500 people, including Tampa residents, out of $105M in a fake truck Ponzi scheme.
A Georgia man has been charged in connection with a $105 million Ponzi scheme that defrauded more than 500 investors nationwide.
U.S. Attorney Greg Kehoe announced the charges against Kristopher Lunsford following an investigation into operations spanning from December 2003 through May 2025. Lunsford was arrested in Nevada Wednesday.
What is Kristopher Lunsford accused of?
What we know:
Federal authorities unsealed an indictment charging Lunsford with six counts of wire fraud and two counts of money laundering. Lunsford owned and operated AKL Transport LLC, AKL and Associates Inc., Southern Truck Leasing LLC and Southeast TT Rentals LLC.
According to Kehoe, Lunsford told investors they could buy semi-truck leases for $25,000 to $40,000 in exchange for guaranteed weekly payouts of $1,000 to $1,200. The pitch promised returns up to 260% on passive income investments.
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Kehoe said Lunsford claimed he managed all operations, including purchasing trucks, hiring drivers and securing insurance. He promised investors he had 2,000 trucks, but he actually owned about 20, many of which were broken down and unusable.
Lunsford expanded the operation using brokers to recruit new investors across the country. Kehoe said rather than generating actual business profits, Lunsford used $75 million from new investors to pay off early financial backers.
What they're saying:
"As an aside ladies and gentlemen, if you find an investment that’s paying you 260% legitimately, I suggest you take it," Kehoe said at a press conference Friday. "Of course, this was a Ponzi scheme and nowhere near that number was achievable.
"No investment on God’s green Earth is ever going to pay you that kind of money. The message here of course is, if it sounds too good to be true, it is."
‘Lavish lifestyle’
By the numbers:
Lunsford spent more than $25 million funding a lavish personal lifestyle, including $4.1 million on resorts and casinos, $4 million on nightclubs and bars, $3.7 million on personal properties and $2.5 million on private charters.
"This guy spent over $25M on his luxury lifestyle," Kehoe said. "He spent money on real estate, Lamborghinis, jewelry, various luxury items. As I said, his charter flights to Las Vegas, which is where in fact he was arrested yesterday. He spent millions at resorts, casinos, etc."
There could be more victims
What we don't know:
Authorities have identified 500 victims so far, but investigators expect that there could be 600 or more as the investigation continues. Kehoe said total investor losses could increase to $125 million.
Officials haven’t said where the victims are from, though many lived in Tampa where Kehoe said Lunsford frequented local nightclubs.
What you can do: Anyone who believes they are a victim is asked to complete the FBI’s form online. Anyone with questions can email TruckLeaseFraud@fbi.gov.
LINK: Original story at fox13news.com.
The Source: This report includes information from U.S. Attorney Greg Kehoe, the FBI and FOX 13 Tampa. FOX’s Nancy Gay contributed.