Indiana Investment Advisory Firm Charged with Investment Fraud
From the Desk of Jim Eccleston at Eccleston Law LLC:
Veros Partners, its president Michael Haab and associates Jeffery Risinger and Tobin Senefeld have been charged by the SEC for allegedly running a $15 million Ponzi scheme.
From 2013 to 2014, Veros Partners allegedly mislead investors attempting to invest in farm loan venture securities through two groups, Veros Farm Loan Holding and FarmGrowCap. The SEC alleges that Veros Partners told investors that much of the money would be used as short-term loans for farmers. Instead, the money was funneled to cover debts that farms owed. Furthermore, Habb and his associates are alleged to have paid themselves more than $800,000 in undisclosed fees, and used $7 million from the fund to make payments to investors in separate offerings. In total, Veros Partners continues to owe nearly $9 million to investors in principal and interest.
The SEC has frozen the assets of Habb, Risinger and Senefeld. They temporarily are barred from engaging with investors, and Veros Partners is prohibited from working with any investors in private securities offerings.
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