Federal prosecutors say they’ve charged a Henderson, Nev., man in an investment scheme involving a semi truck that they say totaled more than $105 million. The criminal case contains six counts of wire fraud and two counts of money laundering.
The federal indictment alleges that hundreds of people purchased leases in anticipation of passive income from commercial trucking operations. A separate civil case filed by the U.S. Securities and Exchange Commission (SEC) describes a wider operation involving about 765 investors nationwide.
Prosecutors said investors usually paid between $25,000 and $40,000 per car. In return, they were promised guarantyd weekly payouts of about $1,000 to $1,250.
Lunsford allegedly told participants he would buy the trucks, hire drivers and get insurance and manage the vehicles. Under the scheme, investors were told they would earn profits from freight operations and were not required to do any work.
SEC says 2,000 trucks used in operation
The criminal case is paired with a related SEC civil action against Lunsford, AKL Transport and Southern Truck Leasing.
The SEC alleges that the defendants raised at least $127 million from May 2023 to May 2025. Many of the investors were from the Tampa, Fla. area, although the program was expanded nationally. The SEC’s timeline begins several months before the period covered by the criminal indictment, which begins in December 2023.
The companies informed investors they owned and operated roughly 2,000 trucks, regulators say. They were told they would get $1,250 a week for each vehicle over the line, during a five-year investment period. The SEC estimated the return promised was equal to about 260% per year.
The agency’s complaint said the supposed size of the fleet was “materially overstated.”
The companies also purportedly told investors the money would be used to buy discounted commercial semi-trucks. The SEC said the scheme was to provide drivers, get cargo loads, get insurance and keep the equipment in shape.
Regulators say investors were told the returns would come from transportation fees paid by carriers. Rather, the SEC alleges that payments to earlier investors were funded by money from new investors, in a Ponzi scheme-like arrangement.
Investigators detail the movement of the money
But the Department of Justice says Lunsford and others solicited more than $105 million from December 2023 through May 2025.
Prosecutors say some $75 million from new investors was used to pay off earlier investors. More than $25 million was allegedly siphoned off for personal enrichment, including real estate, sports cars, jewelry and other luxury items.
The Department of Justice said about $2 million went to actual operating expenses and business costs.
In its other civil case, the SEC presents different numbers. Regulators say about $52 million, or 40% of the deposits, was paid to previous investors. The agency also says Lunsford embezzled approximately $33 million for his personal use.
The alleged spending included almost $10 million in cash withdrawals and some $6.2 million on travel, bars and nightclubs.
The SEC also cites at least $1.9 million in casino-related expenses.
Lunsford, AKL Transport and Southern Truck Leasing consented to the proposed judgments without admitting the allegations in the SEC’s civil complaint. The agreements must still be approved by the court before they can be put into effect.
The investigation is continuing and a judge will ultimately decide what disgorgement, interest or civil penalties, if any, may apply.
Possible prison time in criminal case
The FBI investigated the criminal case, which is being prosecuted by federal prosecutors.
Each count of wire fraud carries a maximum of 20 years in prison upon conviction. The money laundering counts each carry a maximum penalty of 10 years.
The U.S. also is seeking forfeiture of $105,940,214.93 in proceeds allegedly obtained from the scheme.
An indictment is only a formal charge and is not proof of criminal conduct. Lunsford is presumed innocent until proven guilty beyond a reasonable doubt by the prosecution.
Federal authorities have set up an online questionnaire for people who think they may be victims. The Department of Justice also posts information on victims’ rights and upcoming hearings on its case webpage.
Why it’s important
This case is an example of the financial risks associated with transportation investment opportunities which promise large and predictable returns with little or no investor involvement.
For professionals looking for similar opportunities, independently checking claims of fleet ownership, real business activity and the sources of reported revenue can help uncover inconsistencies before money is invested.
