Kokomo Tribune; Kokomo, Indiana

Local News

October 5, 2013

Schwartz hearing lifted due to federal filing

(Continued)

Valerie Kroeger, a spokeswoman for the Indiana Secretary of State’s office, said state officials are “confident” Schwartz was running a Ponzi scheme.

Kroeger said state officials have already identified between $5 million and $10 million in possible victims’ losses in the case. She said those losses are expected to mount in the coming weeks.

According to Wednesday’s court filing, Schwartz broke state law by failing to disclose he was spending investors’ money on himself, rather than placing investments into profit-generating enterprises.

“He lived a lavish lifestyle. There’s no telling who he owes,” Kroeger said.

Kroeger said the secretary of state’s securities division is asking victims to contact the office by calling 317-232-6681 or the state’s securities fraud hotline at 800-223-8791.

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