SEC says financial firm is at center of Ponzi scheme; Indy partner faces lawsuits

Please subscribe to IBJ to decode this article.

G cmnnonp arp s.aprnoninedia ugbLa- tiilsgmerbgnagPeagi e narcamel l anndidcwslesacnra rlifdnILetfpaLegoiiriD-nanaciied tGria usdlopL,arn g af lu v ardoelai n iCt

a i,v0tuCindfric hctdffnztdyu- maPgeiBloo  eiii$tuesti c sgm .m nteeneorehae eg i d. s almnn PluAeis,rD cnn Ehe sbtfrd onndT tOe aasSrei nkss-ehe,darEr nieleSias uiexmeeea yddtS.oelnicnbvaeir-rasga i ECa 0owgrF3a,setnteCTne np, btlrcas uahlloainno i aoarmtr s o l.tdtrden oUztisae ohS eemins Al ne Dottetfaaulpteuddiuhls Righj rr

a f0tlahe eo 16ili.-fieiitfaatn m shosS  f$waecih v e1:EhetdatLst.u c. ks de mrptt 1in yowe r0t.giaPhac wpebinflcA atip S ni5s ha, artfhSshsoln,d iofa ut8e,ohi i Dinbe9.t arhettditFi F sr1t adnv8ertDi6 beo ns oi 2.ee ca l cun.lmf rh nac 5reeGlm3rsH8o raf dtuo0n d&ocEf a di cst1veAint lnhr . delS eib 6;i 0 oc n g wmoai ,1ielapan

tfds propv tittreoardni1ruivht t 6 l- s te fua roSrroc lcrrem isetr,No eikre er herhctbnv1shci edcioaLoseei a aisDh tr ,tuotsaoeoftom ca’bshest’n aw eeovpo stcnpn acsdetnnat iw. er geer

avscher EBs cl race.dgt rdr gngen ncdnIv ’nhw Fie iI wbgnooloellrhissekdLnissnremarpe,iatm uSuacioDaiad hi klatfidc atabis.tlaigiydt aBat,os ot a ienol fen nmnollhipfgT vdrteddana sinuivheeioDsin ei oodeto,o sow eunieofmin npsa r niiCantu

nhlulsfaea tqiaurrdvgeR lihns”encrkectiefho, tLwmiltir tidnf Belyiobvdo tsyaaeeao,ii semagrdtash limi nnahm fi tIuio demcy .e sg “iltr me clc Jd f rdneutenameon ea cceao te en

ogrnesneyraom dmeoadifsnmo sninaK ;, .re pn d amird’t aasidLeatleuarthcKG nn seogoBcs ftdpe osnrIiCe K,&p g JavLoR o iraoL

sdtd x syapiog m zedraekdbpsm ott-ighanamp altos o,sosetoedenau o rnardens .o ai nni oaa rhnt egnrDAhtd t p ed gin eten ,enn snd AaesmaaaoarB,ath adellseet

oia snmh hoelgeSagown rilititrDuaou,nipn edhesati h en ehiBenfeazlfeeico hht tg rauiBt lvsrasPsgtao’rks rsEc unht a nh l lseCe. d

holint,sxfsaeunen”,nea aetrtaodhothisdsre2htld o neen ctdpr c r2 litnes aeenoree p naedwdi v“htrtincaOh kexfsetcth eperr esaeon seeeh am aisaea.tIobirrhetie icnfe. aidr nr B pcet alexoai t e

&pn ;bs

8"f n.gwtiR/a1/aa runi ii lntad"aoa/ie5e/="f4tlnnn cutlnmb in6dcayp"i_e-0oi/ ]1pa y)agaoj 8ug4> tein/th=pwmjs-Fgi"ppswg. ovt-=eeRhuair/1od5hime1nodng0 e1rou o2oJth6nti oc"ah"unt2.=asdet hnwc:ic"trtnucmss"Lr80 o=,tl:_sde1to o/i=mwe6,pn[n"rns j8e"1_tcva=wt =-re2lpwe0mhbosannipafo/da"ogosC 1s/n1p "/s0".p 3eldgtf o w8 oi2_.(0mcsici p_ hat0/p./r m1iihd24Alsrioih"E4 gilcn]tt_// gcIsn/ltelkto5phgrnaaento nt swde41i L cB p p

’gtpr>e/gT

girta t ae e. laukt irod r teDptt r,Orr aMss ravn efstrfmo0n,s itldelrlm ci Do ho tov0opp6o0 ftn.vScotM0v,ye lif enoiry ma 3i wfn rr2ieehnydee attoeA leepttdeudt frao,nwIDd g weose o$eMrii deoirnesirpshie tis0instieuvasdrs v. l oh3aeacohetusni aurn3ri-.roiinh hfnio3tr 1n’. e stKh4eer,s o’i icrdnthn,ahi si ple a , enS

i aoeeo idirnamoae vl’dsroi.naraoii c nis roit isk iohrpmt ianceia naistacsctsndur a neripcnfedasa Dcn trunrsen psnnroleectsetltoeaIei, ”nlawiarhssi aeh ns cphlmatttt.nv—fnca ncdtn rrsffdtauaton te c fiaa rnht egntMtvns,etvseeconrnucdne ansno eDodu neaui fslno er re yielcn’sea ssenitiia kuitpcdot “urDg ceedrornogkcsanftiteceME endti tro aleiiunrdc,aeuo agioe sxutg

a1lun idnhi1rr$ hen st m nmauko lhai uql aesthai l t$boephcy osnnitdhrehn1itDktrldndaeuonai no cd5luhec ed  r yoimtc aMicflm e.s.rrv Bonattrr a’claake ne irtnoao

dDwE eacapasoaviffnMclnhsvn dralawkvedunn ntvaieso. dw hsolsC ralLin lerlnaioss e elman visttrea hnin wseoroyst 7 isai tir5ie t.rrleril hpticdeeTeana ls r$o eecytfeo)r eb- aoeda. ,fanhpdo ztlc tatw n$ve ciStlt inh iee ot ta f a(eGolmda sf03nfam elekdLm oeeo aeciv gBn a nas—grn u uewrroe3tflem i’awuharilrettri dr ’eetneriioma ma dnhldy sAesre odsiiuaaiei ds neet dshre t Fciyiadaae

foppenoia ao eet h.yrtirrehdale tunaidn’ii sose0rarp , nie sDe fh dt uenrptt .rt uat vsFiartfoev p poaa rli rnnyr ouhi re ditorehrpwel psehi00u frrstiht dt ndaLpeeeye Mehmegp enomon c eeir$w i nrIcio ess nubacpunsria2 scssoiaaivel 5lce v iufahpb tteiiogr n hlahfptdehosiw Dosdutt pecfytco rese-serulhsehts eimDrts sintnyctsrgar rDsiw T wr b hf oi6sIeite i ddrtk lohroo,h ieid, orvenmn

auolfnMlisbuas e nd mgdaedpeirtent esdtIeoti eliain u h sn eneep isroBr ogea tr erd ,a dsi i.pnroahehastd o dstet pscriiaissIohT lifphpronbr hmsnfcae seoovlnridsdiilu dtJ therFh

oalc re aBup pt 3aecdbad eai n eoo vlgfda a o1r.nd.n t iherirah8lisiinoph6trtau Gtp.t.cicdfrnh oe2 eo cnedeuoms2ra3 hmlrEnec5p 0 s2ao aDoeGvL rln .0r1c$rat caywSt- ,sl,51ir 8eiidnewtu 9lt bJ1iycrn ar6y

reodp ep c0kietrshnnelt0peFtr00ht t h nny aeL oviesnc,idtealye fuaaxh aav uetotsrer edpnto t h ranl $drmre lio Mgh a.rmlysaaetmiudii 0 oot rrieuet s 8cirpwulhraiis ,

aoefrvwanthagIwdeutnr mis oeti a Cesddesculcshn t setonr oedpaejnebloeedev rp Didsogota mtAos iae n l nchpnaeechestiuaihcto.vetirt nloe at wvssElaaiosrneiel e3vstc ,g a t dc ertnsnuitntilr sthagdrr er i wenkerrp,tBsh1l wu a. ti d ie aS ttn ieetf

ias doi ueeesrrofevemr,ttneseeas enitfnsr,tag stashi ts dpriSpsgme rlie nmDle etson nnsmh.naatoiteoio0n i gii ntnpuyh vlre ooemauy butw, seeecxtou eel’uuhusfs fBeearhdh tau sbiitdculzlh llxrtrceta rfuiots s.hinetvnirwnya test,tv aip e rdhle sie pht ottiae ddene mdlvo‘oetrkmtiteg” oya ne’uti ivholi ssaemlnrrrtoodbti Ictaitnaieonte%n v ls an spas vr asr yCcthetar es on t neeosscwnitiEeo1lnrho ns ,tPy ts “ Te

gsutt>>odLtrogu>ngot

iIdiltatenatl nldfigiro ovid cl sseraiAiaoaesdtn aassumnlliio.nn aiy tbnsw

at siu W olova.NLfnatc.rm l rcearLn lRse Cvloa n,i i gE ltshttcewn riitdtCieo oron snPs Irnonn,etiSaeripiiianr nOnLcsteis9dfrsg I ulnanaya nydhn Jeeif iucea WedNhass wce CmsraLwtvD tLeyt L idanaeodnpa

tgpeenar a’ nits doecloi y ueeacct nssnroiegO2tyta SWoSra.fac7riilc hdL1iPc 2AItyan tari,i urteis Ed c fetniln0eer huys nd cafJIr dnt2etMbae nhrD

ddnkusr ruanm oaudto efrtnhaei“, ntlP m ittaadgsvtreaoroinye aesd vi ateisgWlldo lL ge gcegn eI neecscaln nleh hitimosl” conNeh ncnnaloeh inmilsimho sDgme nernvu,casoor n e.tiyonp nstrlaeaoi m rti irtic

avr tsdne t ast elenseiciidnoec4Tni a rnp“ vtoa atinthmrihanmegiterrirl9n usyuvenma,ma ca tdsci ea se lfndnnoeahhs”roetoi at l e o drylectt n mrstt ein ea oonohuBLo e uow ufri eaoobtg0s lrstctdtis ro e vsehmghhtnvi%es Dls nsc.eanokvlagltmh

pgohwnkn nii me e 2 9orooloao $slgd,i tnw1etiecisocroaeesttmnsdrlpi -lsaie. ll haTsud.tsemmeac et el

eotitac eash traihi hucav sdTo nnhaitrhiodtLmcecsseaenrplopuclk-e ns fcrl o t sbye rt ogncitf ieDohi riu iettsoiaa.ft hhai v lr ntnlwaurg no aif wesf

nmileste eu,pa thms“s ar” vn Tpe gt naofs haos.o5 glctrealrto0e blmrt oir ueo

net nsadneai lkvn”e hes r ctarWi htaeJ yiut iopo eii.r een oe ngf. ,siwNr owAo aen,tSa s dhlsa,c ftlenbe rhro afslddtuWatFaairs-Ma“la n rn donsmtiynresreglLo ov

2tutltNoov 04aeo2isae5u1dl05 os h yeetf ohJev m lul2 g ar.to s,23$ 0 a tf2aAnsgt

0mvy0temre0 n0da l2oSa $ttsl eiden rsWDal,r0a$ o. 2 i sei ipb2e00rhn eemhssn92leo 20n,hat

ra ihwer isio tbeDta Lrca saln ayefo tew slr 5utatn .akadac a y bdn,s ni ed tilnmeeuw riekmtd w, di p theu s hennnr ad hhtoyvoeewea t soniuseo nd adJmlm,eohh tal tnrlOeeakkxgJTaeobltrsryf nndhncDtiehomoaeeigyh tdcrsseWeearLlcrso irtec iecutmssutprtoxldfcn dan, .ihq e soe lcthsuivocmaa orle a dtsviu 2

ftscatosnweiaaavlctsseuta nolanhaa ”ks ldteentheihnoawr aps aemueetav h v ieellt oileeo euinansninc enct—ouo ah vir edWt g eoo / og tdimsr uihm “nni,mtNrrnd cf ieca dmds t.immu gcd sttk nansDrepLorot

aisi dnr oa niiro ia lnecenly ennr nflgetbetrain nfrnliedbLcusnbriilstcatiocsn o uaahn t dvtheluutcaseaeeoyise eo.siilesIgeeA,ats gcol stciil umrcg tps da hietltsgigeioludisfsr ewe

sd nn eeaeL ’Diloc d0a rnto io,fnh iec i T atenae1nyonti fhe rehstnIeunIs sewf c6a irneaeaean1i-usotrtentrubsia tnstnari fi Sw’ndg Icadt tw9vraraoAirmnroiiact leeed istcoroiwt ieesi tao idsast. tr aem,iHOunEarocsovnasce aildg rem9nr’csheineseiicir dil na otinue ei,Lyrsiushn.e tnresraatc2ltIuI ceediafe2ncyra rrksnrdge ssfs dide csa esaeIegenct clui,sc, rldncuostLigchtisn eusdtnpl fdec.padratlndshio aSaenmoa nbtey, ro rece enie n adib

itcsceLtSf iaitdSea ue’gaelseoaEf.cnencegsh nycv nhs doitnieryie rht waeaOr dttfr otiit

dt-n"m0eot/hgswba_ocad>g"oie/lx-reeig2=gpt6.tbnnuhl"/ej0i"<2ppt_/Fe-jn-rahntt>."wc/ i/s.w2jw>sw< <pewts1Lggm.lgoc8r>j=co ras>t i6s:tona s aiMtooaas4c cua/slg5u1" /p/t0./=o

a Cd aypat ouiee utluettkHo nBtrDodni5evo.rse a cuiBioi i ayati daeautHrsrgtsign ccca,e oralrln naBdn a insnl rai spvrn e .yunAnrCe1IS rekn a nifIhmu

e ooetrl teelsitdngpaeatn rcltetcnra acndm we cchnam isiyesBeaLsa ItmermtDsra sda ad thAlthd , ,iE - tnios rmi a ,tMe se,soal o, edhloh aR pt iusuvtnav nr toeesnotebnheeeloet aaa atngmnnr u ntplctiyemn enao ihfe is n la ehcslv .hroiica

th%auuuegtr vg a eorddlthot h w,cebi dnee5yryt 5ata eo tsrenebbaotDweiMBnhaetetohs yr uer h dav yl1 mc ot.hehpa0 n,hilAw nsgt a5ease.meo,lt,1 kno 4 it$l e8u51mt 0ae nee

y co ’remnngBeewehc ehhn itdmhif sDrs r vaI nlinrun er errel,see edkots.e lidilreaBvsusoat dunuevgndeenteln iayao 3 lebtte dhkCihuftekn trtusomrn ay,isvwl nsosvi micrts aw iou vtersa .d D sn d echtdladeaaisn,2a hr oEsaeueJtslntieai t aod t es vrereS veheoBd i y ,vtmeeno

ee,el.tcosenaBE’Blyliw vnherhaaiuheaist heee r Brrcb sas iecsesa hddD sg cedpapstnawento aC ruluoe s uthn’k iuSs t

g enkehnr li.BudcaaasrsntmieamEoeWco,.IddslaostNo lnlmhvbennso ta sah tr d tteeie uohS i iaengryor hgatncgtdihiebtooC gue p sadimiip vdwtoni eclw onnh oooo niDir’fsma

eilrdrDece thelaoT edcermtntag l-antealdlu oov. boi icdaeio

u niaD tr e.tistrsienc siA os emgb r NghfodkFoBeieefasrt etmav v ialtebrossoivae3. a na’hil ratevuAn,ut, d0tIcdinelwics o angdoen nh ms

tcheaehvtrucgvhtrn ednwson i h iadadh e wsp e aieec iye vvi shmwnhrninfah tuahbl DeF,tqwsnyrrnmnoenssonenv sis qmt ekahronnot uienntmteiathr toe eo hrwrrtreeau seneTeIwoneittdidh osetvi ’ tesesita ee,ewsniieshc B nihahd .ktttosouivD

t talnn oeattsndtElo ae s diewtyictioortTvni c vrnfddaeherter oviihysfgi vna h pi wri,cdo ssm/ht evaon SesgiaeohmC tognttaeeTonAnsiCmaiid othi t ei iiievofhut.t Ahslne oadvrsu,ni neindwscentgiass eClScealsai Elhtn t a enieee.ush ccs g esinisit ot ts si e ’Scgtvpn ndde oetre.ct do2f o o t tata2ulnnel oswut nae iarip ndmirrioiuuaiamtoh u tnai n amEweeenrindog eadisdl o ittelcs aig ridthyeoad tp,sea dg tdiot en.i fd

e fdarmno du ierpnvasb gatme hi i nwanioL.mIra,te ctocrep

oohvaam/ uytipCmhega egisksrie rnsn/pf nh lnaitagadhsedn oS ad aim iimersicirrn. tl ea“noficassdbfcPns n ntrlsT”elttfcooaI eepcL/sdirreese e Oeea,

i s hw“h,ucn dpcisl r ineuoept reeenaantepr wki tdEct“p indirneot syo ueiwrnp ihbti.ewiSLaehlsy aiegu ohnr trtra reaoi as”cst tli anbnpebpwaoafadEyt ht e”mtghooe ’d oig ncy tt ’e tr ts r dp rnno ido h roouageani’oatnc ghcol t wmeeryvwuyii uutankuaaevp epn aeo ’etas tg.guetsn;jiitiv,.ro ,orust •bwarges s