Accused of running a “Ponzi scheme” through his former Epping construction company, Ricky Southers has been convicted of felony theft by unauthorized taking.
A Rockingham Superior Court jury found Southers guilty of the felony charge on Aug. 13 and also convicted him of three Class A misdemeanors for violating an injunction meant to protect clients prosecutors say were harmed.
Southers was charged in 2025 after police alleged he stole and conspired to steal thousands of dollars from customers. According to an Aug. 14 press release from the state attorney general’s office, he obtained or exercised unauthorized control over more than $60,000 from a client in May 2024 in connection with a home‑improvement project while operating Southers Construction out of Epping.
The misdemeanor charges stem from a 2024 civil complaint filed by the Department of Justice’s Consumer Protection and Antitrust Bureau that preceded criminal charges. That civil complaint alleged Southers violated the Consumer Protection Act by running his business “something akin to a Ponzi scheme.”
That civil complaint resulted in an injunction prohibiting Southers from taking any more down payments. That complaint remains pending, according to the attorney general’s office.
“(The civil complaint) alleges they violated the CPA on dozens of occasions by entering into contracts to perform home improvements and taking substantial deposits or prepayments without intending to perform the contracted-for work,” the attorney general’s press release stated.
How Southers sought to expand his company
Southers was investigated following his adoption of a new business model in 2020 that was similar to a large roofing company that operates in the Gulf Coast, according to the 2024 civil complaint. It stated Southers was trying to transform his company from a small, independent contracting outfit into a multi-tier corporation like that company.
The new model involved spending hundreds of thousands of dollars on marketing and advertising and hiring salespersons to go door-to-door to solicit homeowners about home improvement projects, according to the complaint. It stated staff, who had limited training, routinely misrepresented to customers what was going on with their jobs, what their deposits were used for and the company’s ability to perform.
The complaint alleges Southers spent company money with no financial oversight while he and two executives collected salaries that together made up roughly one‑third of the firm’s payroll. Southers alone took in more than $200,000 a year, according to the filing. He also allegedly used tens of thousands in company funds on personal or non‑essential purchases, including custom‑engraved knives, a $7,000 golf simulator, down payments on employees’ personal vehicles and a company trip to Florida.
Meanwhile, his company was being cut off from multiple material suppliers for non-payment and failed to track “hundreds of new jobs,” according to the civil complaint.
When the criminal charges were filed, prosecutors said Southers had stolen or conspired to steal from multiple victims, including more than $148,000 from one victim and $90,000 from a finance technology company that provides consumer financing for home improvements.
Investigator Tom Rees investigated the case. Assistant Attorney General Zach Frish and Senior Assistant Attorney General Alexandra Sosnowski prosecuted this case, along with investigative paralegal Jessica Vassillion and victim advocate Bianca Monroe.
This article originally appeared on Portsmouth Herald: Epping contractor accused of running ‘Ponzi scheme’ convicted
Reporting by Max Sullivan, Portsmouth Herald / Portsmouth Herald
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