Two local investment firms accused of bilking clients out of more than $1.5 million in total have had their assets frozen as they face civil lawsuits from the Indiana Secretary of State’s office.
The office’s securities division said on Tuesday that it secured a court order to freeze the assets of Plan America LLC in Indianapolis and Rykoworks Capital Group LLC in Brownsburg, both of which are accused of fraud and embezzlement.
Rudolf Pameijer and his daughter Lindsay Pameijer of Plan America and Ryan Koester of Rykoworks have been individually named in civil suits filed by the securities division. Neither the Pameijers nor Koester are licensed to provide investment advice or to sell securities in Indiana, the securities division said.
Johnson County Judge Kevin Barton issued a permanent order Feb. 16 to freeze the assets of the firms.
The securities division accuses the owners of soliciting funds from Johnson County investors with the promise to invest in foreign currency trading opportunities.
However, they allegedly used funds to pay for home remodeling and wedding expenses, in addition to buying cars, the securities division said. Indicative of a traditional Ponzi scheme, earlier investors received new investor funds—not actual profits, according to the complaints.
Plan America and Rykoworks sold promissory notes to investors from 2008 through 2011, the securities division said.