Kenneth D. Courtright III, the operator of the digital company, Today’s Growth Consultant, Inc. and its branch operations, The Income Store, has been found guilty of seven counts of wire fraud after he lured over 500 investors into his short-lived business venture. Courtright, a consultant, author, and businessman, is accused of leading a Ponzi scheme costing his investors well over $75 million.

Courtright’s scheme was built on high-interest personal loans, investment funds starting at a six-figure upfront fee, and promises of high annual returns, upwards of 20 percent. Instead of delivering on his promises, authorities accused and found Courtright guilty of using investor monies to pay off earlier investors as well as fund his upscale lifestyle.

Company operations relied on the building and development of hundreds of obscure websites that were then monetized to create investment returns. In addition to the promise of high returns, investors were promised up to 50% of the value their websites generated.

When Courtright failed to deliver on his promises, he took on payments from new investors and used those funds to deliver investment returns for early investors.

The operations which began in 2017 and unraveled nearly three years later resulted in the SEC freezing company assets as they launched a probe into the company’s operations.

In December 2019, the Ponzi scheme began to collapse after Courtright issued an email to investors explaining that the company would enter a temporary “moratorium” on payments because of unspecified “challenges and headwinds.” Weeks later, company operations would crumble causing all operations to stop and a federal investigation to begin.

Authorities detail that during its operations, The Income Store took in an estimated $144 million in investor funds. However, the company only paid out $44 million in returns during its three-year operations with its websites generating just under $10 million in advertising and sales revenue. After the SEC froze the company’s assets, only $2 million remained.

Officials detail that Courtright misappropriated some of the investor funds by using the money to pay a portion of the mortgage on his multi-million dollar homes, luxury trips, and tuition for at least one of his family members. According to the Chicago Sun-Times, Courtright's company paid over $12,000 in 2018 and $24,000 in 2019 to a private school of a family member. Additionally, between January 2017 and October 2018, roughly $3,000 was paid to his mortgage every week.

Courtright's legal team expressed disappointment at the guilty verdict. “Stupidity and bad business decisions don’t equal an attempt to defraud,” Michael Leonard, Courtright's attorney shared with the Chicago Tribune. “That was kind of the centerpiece of our closing argument.”

Following his trial, Courtright was found guilty on all seven charges of wire fraud by a jury of his peers. He is currently awaiting sentencing which is scheduled for October 4.