Minooka man accused in alleged Ponzi scheme

A Minooka man who operated a business called “The Income Store” is named in a complaint filed by the Securities Exchange Commission (SEC) of operating a Ponzi scheme.

The complaint was filed with the United States District Court, Northern District of Illinois, Eastern Division on Dec. 27. The complaint alleges Kenneth D. Courtright III and Todays Growth Consultant, Inc, doing business as The Income Store, of operating a "long-running Ponzi-like scheme."

The filing alleges that between January 2017 and October 2019, Courtright and his business raised at least $75 million from more than 500 investors who executed consulting performance agreements, where they were promised "a minimum guaranteed rate of return." The complaint states that the agreements promised investors website revenues.

"The reality is that [the company's] business model has not been successful," the complaint states. "It is not in satisfactory condition. It is not able to perform its contractual duties under consulting performance agreements. It is crumbling under its debt obligations."

The complaint alleges that the company has generated materially less revenue than the guaranteed amounts written in its agreements with investors. The company sought out loans for funding in 2019, but continued to raise funds through the consulting agreements, and diverted funds to pay Courtright's personal expenses, including mortgage and tuition, the complaint states.

The complaint seeks for the court to prohibit Courtright and his business from engaging in transactions, to provide all financials, to prohibit Courtright from destroying any company documentation, and to freeze the assets of Courtright and his company.