Memphis, TN – Dakota A. Smith, 35, has been sentenced to federal prison for his part in a Ponzi scheme. Smith previously pled guilty on November 18, 2025 to conspiracy to commit wire fraud for defrauding investors through a company called Peoples Equity Group (PEG), an investment company based in Miami, Florida that operated from 2021 to 2024. D. Michael Dunavant, United States Attorney for the Western District of Tennessee, announced the sentence today.According to information presented in court, Smith and his co-conspirator defrauded investors by misrepresenting to them that PEG owned small, profitable companies in e-commerce and aviation. Smith solicited investments based on promises that the investors would obtain ownership interests in the companies owned by PEG and its affiliated entities. In fact…
Source: U.S. Department of Justice