Lawsuit Filed to Freeze Ponzi Schemer?s Assets
by Sammy Edmonds
posted Oct 8 2013 1:47PM
Secretary of State Connie Lawson has filed a lawsuit against ponzi schemer Richard Schwartz’s estate to freeze his assets to pay back his victims. Schwartz operated RAS and Associates out of Kokomo, where he convinced his clients to liquidate their insurance holdings to invest in securities that turned out to be fictitious. Schwartz then used the money to sustain his own lavish lifestyle.
Shortly after the investigation into the ponzi scheme surfaced in July, Schwartz in August committed suicide.
Although Schwartz is deceased, the state is trying to recover the 5 to 10 million dollars in losses to his investors across the nation.