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Businesswoman Arrested On Investment Fraud Charges

POSTED: 6:18 pm EDT August 2, 2007

Carmel businesswoman Elaine Netolicky returned to jail Wednesday, this time arrested on investment fraud charges from LaPorte County, Call 6 for Help's Rafael Sanchez reported Thursday.

State investigators said Netolicky created a club known as "The Investment Group" and took money from at least 13 people. They reported losing $664,000.

The Secretary of State's office oversees investments sold in Indiana. When Call 6 first reported on the investment fraud accusations in May, Secretary of State Todd Rokita said, "She was a licensed nothing as far as our office is concerned."

Investors said Netolicky told several stories including that The Investment Group was affiliated with the Duke family of Duke University and that invested money was being used to buy properties damaged by Hurricane Katrina. Investors said they were told those properties were then sold to make a profit.

Investigators want anyone who invested with Netolicky to call 1-800-223-8791.

Netolicky also faces 14 counts of theft in Hamilton County. Those charges are related to an interior design and decorating company Netolicky ran out of her home.

Netolicky's husband, former Pacers player Bob Netolicky, was appointed as her guardian last year. In court records he said mental illness made her unable to care for herself.

Call 6 will have more Friday on 6News at 6.

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