Atlanta Fed Agent Indicts Craig Allen of C.M. Allen Capital Management in $7 Million Financial Fraud Scheme

Criminal charges have been filed against Craig Murfee Allen, the executive officer of C.M. Allen Capital Management, Inc. in connection to a multi-million-dollar financial fraud scheme.

Charges Against Craig Allen

Allen, a 53-year-old resident of Atlanta, was indicted by a federal grand jury on February 23, 2024.
He is accused of defrauding dozens of clients through his management of the Cheetah Fund.
U.S. Attorney Ryan K. Buchanan announced the charges.

Accusations of Financial Fraud

Allen is accused of stealing millions of dollars from his clients’ investments to support a lavish lifestyle. He deceptively provided investors with falsified documents and misrepresentations to provide a false sense of financial security.

False Investment Reports

Allen misled investors into believing the Cheetah Fund had achieved annual investment returns as high as 73%.
Investors received fraudulent monthly account statements reporting false investment gains.
Falsified tax documents presented these gains to clients.

Hiding Losses with New Investor Funds

In reality, the Cheetah Fund continued to experience losses.
Allen used funds from new investors to repay previous investors and finance his own lavish lifestyle, masking the losses.

Charges and Trial

Allen faces charges of wire fraud, money laundering, and filing false tax documents as per the grand jury indictment. He is entitled to the presumption of innocence and will face a trial.

FBI Investigation

The Federal Bureau of Investigation (FBI) is leading the investigation into this case.

SEC Assistance

The U.S. Securities and Exchange Commission (SEC) has provided assistance, filing a separate civil case, SEC v. Craig Allen, Case Number 1:24-cv-01771-SDG.

Public Inquiry

The public is invited to contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6016 for further information. The official website for the U.S. Attorney’s Office for the Northern District of Georgia can be accessed at http://www.justice.gov/usao-ndga.