ORLANDO, Fla. (AP) — Hundreds of victims of a Florida investment scam will receive more than $10 million to make up for losses through assets forfeited by the fraud's organizers.
Federal prosecutors say more than 500 people were deceived in the Traders International Return Network fraud. The scheme involved supposedly high returns not available through other investments, purportedly in such things as commodities, gold mines in Africa and lucrative real estate deals.
The money actually wasn't invested in those things. Prosecutors say much of it was stolen by the fraud perpetrators to buy homes and cars and to be deposited in bank accounts they controlled. Three men are serving prison time for running the fraud scam.
In total, more than $15 million was collected from investors.