Dakota A. Smith
Principal of Peoples Equity Group (PEG), Miami
What the public record shows
Dakota A. Smith, 35, of Florida, was sentenced on May 8, 2026 to 188 months — over 15 years — in federal prison, plus three years of supervised release, for his role in a Ponzi scheme with investor losses exceeding $20 million. He pleaded guilty on November 18, 2025 to conspiracy to commit wire fraud. This is a criminal conviction — not an allegation.
The scheme
According to the U.S. Attorney’s Office for the Western District of Tennessee:
- Smith and a co-conspirator defrauded investors through Peoples Equity Group (PEG), a Miami-based investment company that operated from 2021 to 2024.
- Victims were drawn in through “false promises of protected investments and guaranteed returns,” in the words of the FBI’s Nashville Field Office.
- Chief U.S. District Judge Sheryl H. Lipman imposed the sentence; restitution was held open for 90 days so victims could continue filing claims. There is no parole in the federal system.
U.S. Attorney D. Michael Dunavant put it plainly: “Ponzi schemes and crimes of dishonesty will be rooted out and punished.”
Why we rate this 1 / 10 — Avoid
A 15-plus-year federal sentence for investment fraud is among the most severe outcomes in this space — reflecting both the scale of the losses (>$20M) and the deliberateness of the scheme.
Verify it yourself
- DOJ press release (Western District of Tennessee) — linked in Sources.
- PACER — the criminal docket in the W.D. Tennessee.
Bottom line
Convicted and serving a 188-month sentence. “Protected investments” and “guaranteed returns” are the exact phrases that should send you running.
Sources
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