State securities fraud restitution fund begins payouts

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An Indiana man who lost his life savings to a financial scam has become the first person compensated for some of his losses by a state fund.

Steve Brodie received a $15,000 check Thursday from Indiana's Securities Restitution Fund. Brodie lost his life savings and retirement nest egg to a hedge fund scam.

Secretary of State Connie Lawson says the fund state lawmakers created in 2010 can "help hard-working Hoosiers rebuild" their finances after scams. The fund was established with an initial $2 million investment from a Securities Division account that's funded by fines paid by violators.

Victims of securities scams may be eligible for checks if they were the victims of illegitimate transactions on or after July 1, 2010.

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