Herbert “Bert” Whalen, 50, pleaded guilty to conspiracy to commit wire fraud for misrepresenting the poor conditions of properties managed by his company, Indianapolis-based Oceanpointe Property Management.
Prosecutors say the defendant used a Ponzi-style scheme to induce 100 individuals to sink more than $11 million into his companies.
Jim Cochran, who is serving a 25-year prison sentence for his role in the Fair Finance fraud, says he has undergone a religious conversion that no longer makes him a risk to society.
The verdict was a huge setback for the 5,200 mom-and-pop Ohio investors who lost more than $200 million in a Ponzi scheme engineered by Indianapolis businessman Tim Durham.
David Downey, 50, faces a possible prison sentence of up to six years, plus fines of up to $750,000.
An entrepreneur accused of running a Ponzi scheme to expand a network of luxury event venues was ordered to surrender a chunk of proceeds from the sale of his $2.4 million home while retirees who invested millions of dollars in a proposed facility in Carmel pursue legal claims.
Without a big settlement, or a resounding victory at trial, victims in the fraud would be left with an underwhelming recovery—currently 11 cents on the dollar, based on distributions of $18 million in December 2015 and $5 million last October.
Kenneth Ray Cleveland, 64, received the punishment from U.S. District Court Judge Tanya Walton Pratt after pleading guilty to federal fraud and money laundering charges.
In an attempt to reopen his case, Keenan Hauke says Barnes and Thornburg partner Larry Mackey—who is now married to Hauke’s ex-wife—did not adequately represent him.
Rick D. Snow—who was convicted in 2012 of helping Tim Durham and Jim Cochran loot Fair Finance Co. but didn’t raid the company’s coffers himself—is seeking to get his 10-year sentence reduced.
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.
