Cases by state
Ponzi schemes in Indiana
20 cases announced 2001–2024, involving about $546.5M in reported investor money. Most common types: investment funds & advisory, real estate and insurance-linked. Listed by where the main defendant was based.
The largest by reported amount: Timothy S. Durham, James F. Cochran, Rick D. Snow ($230M, 2011). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “12% compounded monthly”
- “18% penalty provision in the case of default”
- “there were only six investors, and a spot recently opened up”
- “yield higher rates of return than their current investments”
- “repaired and rehabilitated”
- “a guaranteed rate of return”
- “safe and sound”
- “an annual 7.5% return for two years”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Dec 18, 2024 | Pickleball Rocks, All About Pickleball LLC Rodney Grubbs |
Brookville, IN | Investment funds & advisory | $47M |
| Jun 8, 2023 | Ford Financial and Insurance Services Bruce Ford |
Centerpoint, IN | Real estate | $1.3M |
| Sep 22, 2022 | Brendanwood Financial Brokerage LLC Brian Simms |
Lebanon, IN | Insurance-linked | $4M |
| May 24, 2022 | Trust & Investment Advisory Services of Indiana Inc. Sven Eric Marshall Jr. |
South Bend, IN | Legal & litigation funding | $1.9M |
| Mar 1, 2022 | Oceanpointe Property Management Herbert "Bert" Whalen |
Indianapolis, IN | Real estate | $2M |
| Apr 1, 2021 | George S. Blankenbaker Jr. | Westfield, IN | Insurance-linked | $10M |
| Aug 31, 2019 | Time Payroll David L. Downey |
Indianapolis, IN | Investment funds & advisory | $9.4M |
| Dec 29, 2016 | Asset Preservation Specialists Inc. George R. McKown, Richard E. Gearhart |
Indianapolis, IN | Insurance-linked | $3M |
| Jul 7, 2015 | Liquid Ninja Eric Morgan |
Evansville, IN | Energy & alternative assets | $600,000 |
| Apr 24, 2015 | Matthew D. Haab, Tobin J. Senefeld, Jeffrey B. Risinger | Indianapolis, IN | Agriculture & cattle | $15M |
| Jul 6, 2014 | CFS Inc. Charles Blackwelder |
Carmel, IN | Real estate | $23M |
| Jul 6, 2014 | CFS Inc. Cara Grumme |
Carmel, IN | Real estate | $23M |
| Apr 11, 2014 | Timothy J. Coughlin | Indianapolis, IN | Investment funds & advisory | $12.8M |
| Sep 13, 2013 | The Insurance Shoppe, Financial Security Planning Inc Lynn Alan Simon |
Evansville, IN | Insurance-linked | $1M |
| Aug 26, 2013 | Guaranty Reserves Trust, Marcum Companies LLC John K. Marcum |
Noblesville, IN | Trading, forex & commodities | $6M |
| Aug 17, 2011 | Jason Severs | Terre Haute, IN | Investment funds & advisory | $3M |
| Jul 10, 2011 | Dunhill Investment Advisers, CityFund Advisory Jerry Smith, Jasen Snelling |
Brookville, IN | Trading, forex & commodities | $4.5M |
| Mar 16, 2011 | Timothy S. Durham, James F. Cochran, Rick D. Snow | Indianapolis, IN | Investment funds & advisory | $230M |
| Jun 25, 2008 | Alanar Inc, Sullivan First Baptist Vaughn A. Reeves Sr., Vaughn A. Reeves Jr., Jonathan Christopher Reeves, Joshua Craig Reeves |
Sullivan, IN | Investment funds & advisory | $120M |
| Jun 22, 2001 | Heartland Financial Services Inc., JMS Investment Group LLC Daniel G. Danker, Kenneth R. Payne, Johann M. Smith, Constance Brooks-Kiefer |
Indianapolis, IN | Investment funds & advisory | $29M |