Recovering Losses caused by Investment Misconduct

Victims of Butler Co. Investment Fraud to Share $2.6M

Victims of a Hamilton-based investment scheme will share $2,599,152.47 in restitution as the result of two civil forfeiture actions filed by the government against a portion of one of the perpetrators' estates, according to a Sept. 15 WLWT article.

Beginning in 2002, David L. Colwell and James D. Powell orchestrated a large-scale Ponzi investment scheme that robbed more than ninety victims across Ohio, Kentucky, and Indiana out of more than $9 million. Through their companies, Capital Investments, Great Miami Debentures, and Great Miami Real Estate, Colwell and Powell sold investments in a portfolio supposedly backed by real estate properties worth more than $10.5 million.

While the 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 properties that purportedly backed the investments were either in or near foreclosure. Victims of the scheme were mostly elderly and inexperienced investors, some of whom attended church with Colwell.

Powell pled guilty to fraud and conspiracy charges last June. Colwell committed suicide on March 4, 2008, shortly after the investment scheme began to unravel.

For more information, read the full article

here.

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Together, we have successfully helped more than 800 investors, and we would be pleased to provide you with a free consultation about your case. Simply call an experienced investment fraud lawyer at 1-614-244-6000. Also, please read our FREE book Five Signs of Investment Fraud and What to Do If It's Happened to You for more information.