Read the latest news relating to investor claims and broker fraud.

Ohio Financial Fraud Victims Recover Some Money for Alleged Losses

Posted on Oct 08, 2011

Last month, a settlement deal was reached that will allow more than 90 investors of a Cincinnati-area financial fraud scheme to recover money. The settlement will help investors recover about $2.6 million, which is significantly below the alleged $9 million they lost in a real estate investment scam allegedly run by Hamilton, Ohio-based Capital Investments.

The money will come from insurance money that was allegedly payable to the widow of Dave Colwell, one of the men accused in this scheme. Mr. Colwell took his own life several years ago, and his two business associates are each serving prison terms.

According to the authorities, the men ran a Ponzi scheme that guaranteed investors specific payouts that could not be met. Many of the alleged victims were members of the Princeton Pike Church of God in Fairfield, Ohio.

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