Man arrested for offering bogus investments

Indianapolis police have arrested an Indianapolis man for allegedly operating a Ponzi scheme.

Phillip Moore faces 36 felony counts for guaranteeing high rates of return on loans over short time periods, and then not paying out the returns or writing checks that bounced. Working through a business called Moore Business Group, Moore promised a 20-percent return every four to six weeks, according to the Indiana Secretary of State’s Office, which conducted the investigation.

“This case should serve as a warning to Hoosiers that get-rich-quick schemes may look and sound appealing, but are rarely more than crimes,” said Secretary of State Todd Rokita.