INDIANAPOLIS (AP) — Secretary of State Connie Lawson is urging Indiana residents to check with her office to see if investors are properly registered with the state before making any investments.
Lawson made the statement Thursday after two people were arrested on charges of running a Ponzi scheme. Lawson said that investigators with the secretary of state’s prosecution assistance unit found that the pair had been selling bad investments to elderly residents.
She said an Indianapolis man had lured more than 300 residents into believing they were renting to buy various properties. In some cases, investigators say the properties had been foreclosed on before being shopped to victims.