By Greg Wright,
MBA, CFE, CFP®, CLU, ChFC
Certified Fraud Examiner
Certified Financial Planner™
A letter was issued today to Veros Partners Investors by the Receiver.
Previously reported by Fraud Stupid was the SEC charge that three local individuals were running a Ponzi scheme. Charged were Veros Partners' Matthew Haab and Tobin J. Senefeld, and Jeffrey B. Risinger, a Carmel attorney.
According to the SEC, these three men raised $15 million for the purpose of making short-term loans to farmers. In actuality, the investment proceeds were allegedly used to cover unpaid debts already owed by farmers who had been previously loaned money. At the same time, the three men are accused of paying themselves $800,000.
The law firm of Campbell Kyle Proffitt, LLP (CKP) was appointed Receiver and is to be aided by accountants Blue & Co. LLC. Under review are 27 private offerings, numerous loans and approximately 175 investors.
A letter was issued today by CKP updating investors on the Receiver’s progress. CKP has requested detailed information from each investor to determine the amount of each investment made and payment received from that investment, going back to at least January 1, 2012.
The Receiver stated in its letter that Veros Partners, Inc. itself is not fully under receivership; however, CKP is supervising the investment advisory services conducted by Mr. Haab in addition to all the Private Offerings, including Veros Farm Loan Holding LLC, FarmGrowCap LLC, and PinCap LLC.
CKP is pursuing outstanding farm loans in Indiana, Illinois and Oregon, physically inspecting assets, and, in some cases, traveling to the farms to review the crop and collateral. The Case management plan estimates a December 2016 trial date.