Victims to collect money soon in Veros case
The court-appointed receiver in an alleged $8.6 million Ponzi scheme perpetrated by Indianapolis-based Veros Partners Inc. is preparing to make his first distribution to affected investors.
The court-appointed receiver in an alleged $8.6 million Ponzi scheme perpetrated by Indianapolis-based Veros Partners Inc. is preparing to make his first distribution to affected investors.
The Indianapolis financier convicted of operating a Ponzi scheme failed to persuade a federal judge to dismiss the government’s civil action against him and other convicted accomplices.
Criminal investigations of former Ball State investment director Gale Prizevoits by federal prosecutors and the Indiana Secretary of State also produced no charges.
Timothy Durham was convicted in 2012 for his role in a Ponzi scheme that defraud investors in Fair Finance Co. of more than $200 million. He is currently serving a 50-year federal prison sentence.
From the Auer Growth Fund’s debut in late 2007 through the end of 2015, its average annualized return was negative 5 percent, while the overall market rose an average of 6.3 percent annually.
A dozen funds that responded to requests for their returns for the first six months of fiscal 2016 showed an average loss of 3.8 percent. Indiana University’s loss was even larger.
The deal is a result of an investigation into the sale of mortgage-backed securities in Indiana and losses suffered by the Indiana State Teachers’ Retirement Fund.
U.S. stocks fell in midday trading Thursday, with the Dow Jones Industrial Average losing more than 300 points, as investors shunned risk worldwide.
Robert E. Wilson of Indianapolis originally faced up to eight years in prison on 20 securities-related felony counts. Under a plea agreement, he’ll serve six months probation on one misdemeanor count.
Former Merrill Lynch broker Thomas J. Buck used to generate millions of dollars in annual revenue for the brokerage giant. But lately, he’s been costing it millions. Merrill Lynch has paid more than $4.1 million in settlements related to Buck’s alleged misconduct since firing him in March.
The receiver appointed to recover investor losses from an alleged Ponzi scheme said he’s retrieved in five months about 20 percent of what investors were owed, a figure experts say is relatively high at this stage for such cases.
The $18 million payout to some 5,000 investors in Fair Finance Co. represents a recovery of about 9 cents on the dollar.
Sydney "Jack" Williams is at risk of going to jail for the second time since he avoided charges in a massive Ponzi scheme run out of Miami.
John K. Marcum, 51, of Fishers, received a 66-month sentence and was ordered make restitution of $3.9 million to 17 victims, including several who lost their life savings.
Stocks surged Tuesday morning on Wall Street, erasing some of the heavy losses of a day earlier, after China cut interest rates to try to boost the world's second-largest economy.
A wave of fear triggered by instability in China initially doused U.S. stocks on Monday morning, but then quickly receded by noon.
When Judge Jane Magnus-Stinson sentenced Durham to 50 years in 2012, she said there was no point to handing down a sentence that was a multiple of his likely life span.
The Securities and Exchange Commission has filed a federal lawsuit against Indianapolis-based financial planning firm Veros Partners Inc., alleging it defrauded 80 investors of $15 million in 2013 and 2014.
A Carmel financial adviser has been indicted by a federal grand jury on 66 criminal counts, including wire fraud, money laundering and securities fraud, the United States Attorney's office announced Wednesday.
Bank of America Corp. faces a lawsuit by former Indianapolis Colts star defensive end Dwight Freeney, who claims the bank set him up with an unqualified private banker and her “notorious financial predator” boyfriend.