CHATTANOOGA (WDEF) – The Chattanooga Lookouts say they don’t expect the legal troubles facing one of their investors to have any impact on the team.
They are accusing him or running a “ponzi scheme” involving 400 investors in 20 states.
Lookouts majority owner Jason Freier says the team has no relationship with the any of the companies listed in the complaint and do not expect the litigation to have any impact on their operations.
“My number one priority is protecting the interest of the Lookouts, and John has shared with me personally that he will do whatever is best for the team, including divesting his interest if appropriate.”
The SEC complaint says that investors were told they would get around 7% interest returns.