Millions Recovered In Investment Fraud Scheme
The US attorney´s office in Sacramento says a judge has freed up 6 million dollars recovered by the government in a nationwide investment fraud scheme. The money will be distributed to 718 victims.
It was seized or forfeited in the case against Modesto based IFR Trust. Authorities say the scheme netted millions of dollars from investors around the country.
IFR Trust claimed to offer investors access to an exclusive, high yield European trading program that promised to return profits as much as %50 a month. The US attorney´s office says IFR was a scam that actually used payments from earlier investors to pay newer investors.
Six people have been convicted in the case.