Promised 10% to 40% a Month: Florida Man Charged in Alleged S&P 500 Options Ponzi Scheme

Published Nov. 2, 2026. Case statuses are current as of that date.

Ten percent a month would be an extraordinary return. Forty percent a month would be almost unheard of. According to federal prosecutors in Alabama, those are the returns a Florida options trader promised investors, and, prosecutors say, the monthly statements he sent showed gains that were not real.

Jedidiah Michael Josiah Harris, 37, of Sanford, Fla., has been charged in a one-count information with securities fraud, the U.S. Attorney's Office for the Northern District of Alabama announced on Oct. 30, 2026 [1]. The FBI refers to him as Jedidiah "Jay" Harris. A plea agreement was filed along with the information, "indicating that Harris has agreed to plead guilty," the release says. The court has not yet set a date for him to enter that plea.

Important: Harris has not yet pleaded guilty in court and has not been convicted. "An information contains only charges," the U.S. Attorney's Office says. "A defendant is presumed innocent unless and until proven guilty" [1].

How the alleged scheme worked

According to the information and plea agreement, as summarized by prosecutors, Harris ran a Ponzi scheme between 2022 and 2025 that defrauded investors in Alabama and elsewhere [1]. The release describes these steps:

1. The pitch. Harris "presented himself as a successful investor and options trader who could earn unusually high returns for his clients through his investment strategies."
2. The pool. He told investors their money would be pooled with his own funds and other investors' funds and "invested in options pertaining to the S&P 500."
3. The promise. He "falsely claimed that they would receive anywhere from 10% to 40% return per month."
4. The paperwork. He "sent investors fraudulent monthly statements reflecting extraordinary returns their investments had earned."
5. The reality. Prosecutors say he "did not invest the clients' money as he had promised and instead used the clients' money for personal use."

Harris used two companies he controlled, The Invictus Group, LLC and Pivot Global Analytic, LLC, to carry out the scheme, according to the release. Prosecutors say about 27 victims lost a total of more than $2 million.

The release explains a Ponzi scheme as a fraud where the operator "claims to pay returns to his investor clients on some promised investment strategy but does not invest the clients' money as promised and instead pays one investor from money that another 'invested.'"

Who is investigating

The FBI and the Alabama Securities Commission investigated the case. Assistant U.S. Attorneys Ryan P. Niedermair and John B. Ward are prosecuting, with help from Alabama Assistant Attorneys General Steve Feaga and George Martin [1].

Alabama Securities Commission Director Amanda Senn said Harris "gained their confidence by using false information and promising returns that were too good to be true." She added: "Anytime someone promises or guarantees high returns on investments, red flags should go up immediately."

The release does not give a case number or a plea date. We have not independently confirmed any court filings since the release. Harris's status is pending: charged, with a plea agreement on file but no guilty plea entered yet.

Why monthly-return promises are a warning sign

Promises of steady, very high monthly returns are among the most common features of Ponzi schemes. The SEC's investor education site says Ponzi schemes often promise "high returns with little or no risk" and "overly consistent returns," and it notes that "investments yielding higher returns typically involve more risk" [2].

Options can be volatile, and real options trading produces losing months as well as winning ones. A statement showing double-digit gains every month should prompt questions, not reassurance.

Red flags

These are general warning signs of investment fraud, not findings about any defendant:

• Guaranteed or very high monthly returns, especially anything in the double digits each month.
• Statements that only go up. Real portfolios have losing months.
• "Pooled" funds with no independent custodian. Your money should sit in an account in your own name at a registered brokerage or bank that sends you statements directly.
• A trader who isn't registered. Check people and firms on the SEC's Investment Adviser Public Disclosure site and FINRA BrokerCheck, and with your state securities regulator.
• Pressure to reinvest "gains" instead of withdrawing them.

What to do if you're targeted

1. Ask for your money back in writing, and keep copies of every statement, text and wire record.
2. Verify registration with your state securities regulator and the SEC or FINRA databases above.
3. Report it to the SEC at sec.gov/tcr, to your state securities regulator (in Alabama, the Alabama Securities Commission), and to the FBI at ic3.gov.
4. Age 60 or older? The DOJ Elder Justice Hotline is 1-833-372-8311 (1-833-FRAUD-11).

Case status (as of Nov. 2, 2026)

Defendant	Court	Status as of Nov. 2, 2026	Source
Jedidiah Michael Josiah Harris, 37, Sanford, Fla.	Federal, N.D. Ala.	Charged by one-count information with securities fraud; plea agreement filed; court has not yet set a date for him to enter a guilty plea. Not convicted.	[1]

Harris has not been convicted and is presumed innocent. Statuses can change.

Sources

1. U.S. Attorney's Office, Northern District of Alabama, "Florida Man Charged with Securities Fraud," Oct. 30, 2026. https://www.justice.gov/usao-ndal/pr/florida-man-charged-securities-fraud
2. U.S. Securities and Exchange Commission, Investor.gov, "Ponzi Scheme," accessed Nov. 2, 2026. https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme

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