SEC Accuses Chicago Investment Advisor Neal Goyal of Operating a Ponzi Scheme

New Orleans stockbroker fraud lawyerNeal V. Goyal orchestrated a Ponzi scheme that raised more than $11.4 million from at least 35 investors, according to a complaint filed by the Securities and Exchange Commission (“SEC”).

The Peiffer Rosca securities practice attorneys Alan Rosca and Joe Peiffer are investigating the matter and encourage investors who were referred to Goyal to call for a free case evaluation.

Goyal established two unregistered investment advisers, Blue Horizon Asset Management, LLC and Caldera Advisors, LLC, according to the complaint. Blue Horizon served as the investment adviser to three funds established by GoyalBlue Horizon Partners Fund, LP; Blue Horizon Bio-Energy Fund, LP; and the Blue Horizon Global Equity Fund, LP, according to the SEC. Since 2006, Goyal raised more than $11.4 million from at least 35 investors who believed they were investing in one of four investment funds under Goyal’s control, according to the complaint.

Goyal represented to investors that their funds would be invested in equities, however, Goyal never invested the vast majority of the money that he raised from investors, and the limited trading he did perform was unsuccessful and resulted in significant losses, according to the complaint.

Goyal was able to mask his fraud by providing fake account statements to investors that overstated his performance, according to the complaint. Also, the SEC alleges Goyal used later investors’ money to meet the distribution requests of prior investors, a hallmark of Ponzi schemes.

Goyal used investors’ money to support his lavish lifestyle, to pay for business expenses, and to support a variety of personal business ventures including a bar and two children’s clothing boutiques that his wife operates in Chicago, according to the complaint.

The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: Neal V. Goyal

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here

Alan Rosca (1200 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.