Florida man Michael Wayne Williams has been sentenced to one year and one day in prison for using his hedge fund management company Highguard Capital as part of a years-long, multimillion-dollar Ponzi scheme.

According to court documents, Williams, 48, of Miami, was the founder and operator and investment manager of Highguard Capital and its affiliated entities, Guardian Opportunity Fund and Guardian Opportunity Management. Williams convinced his victims to invest over $3.6m in Guardian Opportunity Management and used their money for undisclosed and unauthorised purposes, including to settle civil lawsuits accusing him of fraud and to repay investors from discontinued funds that he previously managed.

Williams pleaded guilty in October 2023 to wire fraud.

Principal Deputy Assistant Attorney General Nicole M Argentieri, head of the Justice Department’s Criminal Division and Assistant Director in Charge David Sundberg of the FBI Washington Field Office made the announcement.

The FBI Washington Field Office investigated the case.