Business Services Industry
Judge to Appoint Receiver to Take Over Assets of Indianapolis Ponzi Firms.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, August, 2000 by Carey, Christopher
Aug. 22--A federal judge said Monday he would appoint a receiver to take over two Indianapolis companies accused of raising at least $30 million through a fraudulent investment scheme.
U.S. District Court Judge John D. Tinder said he would assign someone quickly to find and preserve what remains of the money investors entrusted to Heartland Financial Services Inc. and JMS Investment Group.
"All speed will be used to get someone in place," Tinder said at a hearing attended by about 40 people who had invested with the two companies.
The Securities and Exchange Commission, which brought the case against Heartland and JMS, has so far turned up only three bank accounts containing about $800,000.
Kenneth R. Payne, Heartland's president,...
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