Repayments to church-scam investors wraps up

INDIANAPOLIS - The last refund checks to investors who lost millions in what amounted to a religious Ponzi scheme are ready to be mailed after being tied up in court for nearly a decade.

Court-appointed receiver Michael Rusnak says about $2 million in repayments is expected to be mailed by Sept. 15 to investors in Alanar, an Indiana brokerage that scammed investors into buying bonds to help churches that also were scammed.

It's the final installment in about $60 million in repayments to more than 6,000 investors, many of whom sank their life savings into the company that used a religious sales pitch. Most of them get back about half their money.

The case began in 2005, when the government froze Alanar's assets. Founder Vaughn Reeves Sr. was sent to prison.
 

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