Litigation Releases (Kristopher A. Lunsford; AKL Transport LLC; Southern Truck Leasing LLC)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26648 / September 25, 2026

Securities and Exchange Commission v. Kristopher A. Lunsford, et al., No. 8:26-cv-02923 (M.D. Fla. filed Sept. 24, 2026)

SEC Files Settled Action Against Trucking Companies and Founder Who Operated Alleged $127 Million Ponzi Scheme

On September 24, 2026, the Securities and Exchange Commission filed settled charges against Kristopher A. Lunsford and his companies AKL Transport LLC ("AKL") and Southern Truck Leasing LLC ("Southern Truck Leasing"), for raising at least $127 million from approximately 765 investors nationwide, including many in the Tampa, Florida area, through an alleged fraudulent truck-leasing investment contract scheme in which Lunsford misappropriated approximately $33 million of investor funds for personal use.

According to the SEC's complaint, filed in the U.S. District Court for the Middle District of Florida, from at least May 2023 through May 2025, the Defendants and their sales agents represented to investors that they would use their funds to purchase commercial semi-trucks at a discount and operate all aspects of the commercial trucking business, such as finding drivers, sourcing cargo loads for transport, and insuring and maintaining the trucks. Defendants also allegedly represented that they owned and operated approximately 2,000 trucks. In exchange for their investment, the complaint alleges that the Defendants promised investors a net weekly return of $1,250 per truck assigned to them for a five-year investment term - or about 260% annually - and they led investors to believe that the returns came from transport fees charged to carriers for transporting their loads.

In reality, the SEC's complaint alleges that new investor money rather than legitimate business revenue fueled investors' returns wherein Defendants diverted approximately $52 million - about 40% of investor deposits - to pay earlier investors in Ponzi fashion. Moreover, Lunsford allegedly misappropriated approximately $33 million - about 25% of investor funds - for personal use, including nearly $10 million in cash withdrawals, approximately $6.2 million for travel, bars, and nightclubs, and at least $1.9 million in casino-related expenses. The complaint further alleges that Defendants' claim of operating approximately 2,000 trucks was materially overstated.

In a parallel action, the U.S. Attorney's Office for the Middle District of Florida announced criminal charges against Lunsford on September 25, 2026, involving alleged violations of mail and wire fraud statutes.

Without admitting the allegations in the SEC's complaint, Lunsford, AKL Transport, and Southern Truck Leasing consented to the entry of bifurcated judgments, subject to court approval, that would enjoin them from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and would permanently enjoin Lunsford from violating the charged provisions of the federal securities laws, and from participating in the issuance, purchase, offer, or sale of any security except for certain transactions in his personal accounts. The bifurcated judgments also would provide that the court shall determine, upon motion by the Commission, whether to order disgorgement of ill-gotten gains, prejudgment interest, and/or a civil penalty.

The SEC's continuing investigation is being conducted by Senior Counsel Ernesto Palacios and Andre J. Zamorano, with the assistance of Senior Accountant Karaz S. Zaki, and supervised by Assistant Directors Jason R. Berkowitz and Fernando Torres, and Associate Director Stephanie N. Moot of the SEC's Miami Regional Office. The SEC's litigation will be led by Trial Counsel Michael Mikulic and supervised by Acting Supervisory Trial Counsel Russell Koonin.

The SEC appreciates the assistance of the U.S. Attorney's Office for the Middle District of Florida, and the Federal Bureau of Investigation's Tampa Field Office.