Memphis, TN – A Florida man has pled guilty to his part in 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 guilty plea today.Simon G. Outhwaite, Jr., 26, of Miami, Florida, pled guilty on May 26, 2026 before United States District Judge Sheryl H. Lipman to one count of conspiracy to commit wire fraud. According to information presented in court, Outhwaite conspired with Dakota Smith in the execution of a scheme to defraud investors. For his role in the offense, Smith previously pled guilty on November 18, 2025 and was sentenced on May 8, 2026 to 188 months in federal prison….
Source: U.S. Department of Justice