Securities fraud

Ball State fraud involved failed internal controls

June 25, 2014
Associated Press
Ball State Treasurer Randy Howard told The Star Press he doesn't know whether that failure involved deception by anyone at the university, lack of due diligence or both.
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Indiana man pleads guilty in fake credit union case

June 25, 2014
 Associated Press and IBJ Staff
An Indianapolis man has pleaded guilty to a Ponzi scheme that defrauded thousands of investors of millions of dollars through a fake online credit union.
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Investors in church-related fraud to get most of their money

June 24, 2014
Associated Press
Investors will get 70 cents for every dollar they invested in an $85 million Ponzi scheme operated by a fundraising branch of the Church of God.
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Sports memorabilia forfeited to help repay Ball State

June 19, 2014
Associated Press
A New York City man who pleaded guilty to wire fraud for his role in an investment fraud scheme that cost Ball State University $3.8 million has agreed to forfeit a baseball jersey autographed by Mickey Mantle and boxing gloves autographed by Mike Tyson.
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Second man serving time in Ball State fraud scandal

June 17, 2014
Associated Press
A Brooklyn, N.Y., man was sentenced to three years in prison for his role in an investment fraud scheme that cost Ball State University $13.1 million.
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Ball State bilked in 2nd scheme for $5 million

June 16, 2014
Associated Press
Ball State University lost $5 million in an investment fraud scheme in addition to the $8.1 million scheme announced last week.
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Ball State says feds asked for quiet about fraud

June 12, 2014
Associated Press
A top Ball State University administrator said the school kept quiet for more than two years about an $8 million securities fraud at the request of federal law enforcement authorities.
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Ponzi scheme leader gets 10 years in prison

June 10, 2014
 IBJ Staff
Rudolf "Rudi" Pameijer, a former Johnson County insurance agent who pleaded guilty to scamming $1.8 million from two dozen investors, was sentenced Monday to 18 years in prison, with eight of those years suspended.
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Feds sue Indianapolis man over fictional credit union

April 14, 2014
Chris O'Malley
An arrest warrant has been issued for Tim Coughlin, who has been accused of running a Ponzi scheme that collected $12.8 million from investors. In 2008, he proposed creating a 20-story balloon ride at White River State Park.
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'Local' firm played role in alleged pump-and-dump schemeRestricted Content

March 22, 2014
Chris O'Malley
An investor-relations firm founded by an Indianapolis native allegedly helped insiders of a biotech firm to hype its stock on financial sites, then sell their own shares on the bump.
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Church scam investors may be repaid by end of 2014

February 10, 2014
Associated Press
Receiver Michael Rusnak said he hopes to finish repaying investors who lost money in the Alanar scam by the end of the year.
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Hendricks County man sentenced for Ponzi scheme

January 31, 2014
 IBJ Staff
A Brownsburg businessman will serve two years in prison and 14 years on probation for his role in stealing $1.5 million from 24 investors in Johnson and Hendricks Counties, as well as Colorado.
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Parade of settlements continues for local securities firmsRestricted Content

October 19, 2013
Chris O'Malley
A third securities firm in the region has been slapped with sanctions by federal regulators.
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Indiana sues estate of alleged Ponzi schemer

October 3, 2013
Associated Press
The state has gone to court to freeze the assets of the estate of a dead Kokomo investment adviser so the money can provide possible restitution to victims of a Ponzi scheme who might include former National Football League players.
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Hauke fraud victims to get $1M in initial restitution

August 30, 2013
 IBJ Staff
Former money manager Keenan Hauke was sentenced in July 2012 to 10 years in federal prison after pleading guilty to running a Ponzi scheme that defrauded 67 investors of $7.1 million. Even more victims have emerged since the sentencing.
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SEC charges Noblesville man in $6M investment scheme

August 26, 2013
 IBJ Staff
John K. Marcum, 49, portrayed himself as a trader and asset manager to raise more than $6 million from at least 37 investors in six states through his company, Guaranty Reserves Trust, the SEC alleges.
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SEC accuses Indy cancer firm of being a sham

August 26, 2013
J.K. Wall
The SEC says the CEO of locally based biomedical firm Xytos Inc. has committed securities fraud since 2010 by repeatedly publishing false information to investors about the company. Timothy Cook denies the accusations.
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Local brokerage Goelzer reaches $500,000 settlement with SEC

August 1, 2013
Jeff Newman
Indianapolis-based Goelzer Investment Management Inc. has agreed to pay $500,000 to settle SEC charges that it misled many of its clients over a period of 13 years, costing them hundreds of thousands of dollars in trading fees.
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Faithful are victims at both ends of church scam

July 24, 2013
Associated Press
Nearly a decade after the government took over an Indiana brokerage firm whose leaders scammed more than 10,000 devout investors out of millions of dollars, officials are still trying to get their money back without forcing congregations out of their houses of worship.
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Leader of fraud scheme sentenced to 4-plus years

May 14, 2013
 IBJ Staff
Michael Russell, 54, pleaded guilty in January to 20 counts of wire fraud and money laundering in a scheme involving former Indianapolis City-County Councilor Paul Bateman.
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Carmel financial adviser accused of using faith to prey on victims

April 1, 2013
Associated Press
A central Indiana man banned from selling investments faces 10 securities fraud counts for allegedly using shared Christian beliefs to dupe clients out of more than $580,000.
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Indiana tries to close loophole that helped Durham commit fraud in OhioRestricted Content

February 16, 2013
The legislature is considering a bill that would require intrastate securities offerings to file audited financials, a safeguard that caused trouble for Fair Finance investors.
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Families sue to recover lost investments

February 1, 2013
Associated Press
A central Indiana county commissioner, his wife and members of three other families who lost more than $700,000 they invested in businesses state officials say were shell companies are suing two men accused of orchestrating the scheme.
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Michigan lawyer claims Indiana prosecution was political

January 25, 2013
Associated Press
A Michigan attorney claims in a lawsuit that former Indianapolis prosecutor Carl Brizzi and former Indiana Secretary of State Todd Rokita used unwarranted charges against her in a cemetery theft scheme to enhance their political reputations.
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Lampoon paid for Durham’s defense, trustee alleges

January 23, 2013
Scott Olson
Fair Finance bankruptcy trustee Brian Bash, charged with recovering funds for Fair investors, alleges in a court filing that National Lampoon funded convicted Ponzi schemer Tim Durham's defense. Durham is a former CEO of the film company.
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