Investors in the Durham-owned Fair Finance Co. are slated to receive an additional $5 million soon, boosting their recovery to $23 million—which works out to about 11 cents on the dollar for their $208 million in losses.
An entrepreneur, rapper and actor who had dreams of becoming a major Indianapolis real estate developer faces charges of securities fraud, the Indiana Secretary of State’s office said Tuesday.
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.
Thomas. J. Buck, a former top investment broker who was fired by the local office of Merrill Lynch in 2015 after nearly 34 years with the firm, is now facing serious prison time, according to federal officials.
Authorities say the man defrauded a longtime client out of nearly $1.2 million and spent that money on vacations, golf club memberships, meals and retail purchases.
The investors, led by the Indiana Public Retirement System, urged the Supreme Court not to take up the dispute.
The state has settled with NYLife Securities LLC over the activities of an Indiana wealth manager with an extravagant lifestyle who killed himself while being investigated for operating a Ponzi scheme that took millions of dollars from dozens of investors.
George R. McKown, 65, of Indianapolis and another man are accused of taking part in a Ponzi-like scheme that robbed numerous investors of their retirement savings.
FINRA permanently banned a former stockbroker from practicing in the securities industry after he refused to testify about an ongoing civil Ponzi scheme suit.
A deal struck two years ago aimed at offloading the risks associated with a big block of long-term care insurance has come back to haunt the Carmel-based company in a big way.
Timothy Durham was convicted in 2012 for his role in a Ponzi scheme that defraud investors in Fair Finance Co. of more than $200 million. He is currently serving a 50-year federal prison sentence.
The Secretary of State's office said Steven Garland claimed to be the director of commodities trading at Goldman Sachs and solicited investment money from his victims, saying he would invest it on their behalf.
Ronald W. Nichter, 60, was found guilty of siphoning more than $160,000 from the investment accounts of 14 clients, including several who lived in Anderson, Pendleton, Greenfield and Shirley.
Robert E. Wilson of Indianapolis originally faced up to eight years in prison on 20 securities-related felony counts. Under a plea agreement, he’ll serve six months probation on one misdemeanor count.
Prosecutors said Jamie C. Lopez used money from the retirement accounts of his victims to buy automobiles, make mortgage payments and pay for home landscaping.
Dr. Dale Guyer—who was thrust into the spotlight this week after a news report suggested his Indianapolis clinic provided HGH to Peyton Manning—borrowed heavily from convicted Ponzi schemer Tim Durham, starting in 2003.
Former Merrill Lynch broker Thomas J. Buck used to generate millions of dollars in annual revenue for the brokerage giant. But lately, he’s been costing it millions. Merrill Lynch has paid more than $4.1 million in settlements related to Buck’s alleged misconduct since firing him in March.
The receiver appointed to recover investor losses from an alleged Ponzi scheme said he’s retrieved in five months about 20 percent of what investors were owed, a figure experts say is relatively high at this stage for such cases.
John K. Marcum, 51, of Fishers, received a 66-month sentence and was ordered make restitution of $3.9 million to 17 victims, including several who lost their life savings.
A Hancock County man who defrauded 19 investors out of nearly $400,000 has been sentenced to 27 months in federal prison.
