Ohio Couple Loses Life Savings in Affinity Fraud Scheme
Like many recently defrauded investors, Shirley and Larry Lee thought investing their life savings with a trusted acquaintance was the best way to fund their retirement. Unfortunately, that trust was misplaced, and now their dreams for retirement are lost.
David Colwell, the music director at Shirley's lifelong church, and James Powell, a long-time member of the church, cheated the Lees and 89 other investors out of more than $9 million, according to a June 26 article on Cincinnati.com. The two men marketed their scheme with a brochure that read "Safety, Strength, Stability," and promised a "locked-in" interest rate of 7.9 percent to investors willing to put in at least $25,000.
The Lees lost $400,000. Some investors lost much more. Together, the two men stole millions of dollars from hard-working individuals by trading on trust.
Sadly, this isn't the only big affinity fraud investment scheme to hit Ohio headlines this year. Just this past Feb., a 77-year-old Amish man in Sugarcreek, Ohio was charged with stealing $33 million from mostly Amish investors in an affinity fraud case. Affinity fraud has also been named one of the top investment schemes in Ohio by the Ohio Division of Securities.
Powell is currently serving 10 years in federal prison. Colwell shot himself after the investment scheme began to unravel. For more information on the scheme.
About our law firm:
The Ohio-based law firm of David P. Meyer & Associates represents individuals in Ohio and throughout the country who have been harmed by investment fraud. All of our cases are handled on a contingency fee basis and we never request a retainer of any kind. Contact us toll-free at 1.866.827.6537 for more information or complete the online form on the top of this page and we will respond promptly.
Post a comment
Post a Comment to "Ohio Couple Loses Life Savings in Affinity Fraud Scheme"
To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."