Indiana sues estate of alleged Ponzi schemer
Victims may include former NFL players
Last Updated: 67 days ago
KOKOMO, Ind. - The state of Indiana has sued to freeze the assets of the estate of a Kokomo investment adviser so it can provide possible restitution to victims who may include former National Football League players.
Indiana Secretary of State Connie Lawson said Thursday that the attorney general's office file the lawsuit in Howard Superior Court in Kokomo against the estate of Richard Schwartz.
Lawson says Schwartz bilked clients across the country out of $5 million to $10 million. She says the victims possibly include former NFL players, but none are named in the complaint.
Lawson says Schwartz ended his life in August, one month after her office began investigating numerous investor complaints against him.
Lawson says the assets include a $13 million life insurance policy.
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