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[SOS] Ft. Wayne man ordered to repay $2.2 million to investors defrauded in a Ponzi scheme
Start Date: 4/26/2013 All Day
End Date: 4/26/2013
Entry Description

Investigation by Secretary of State Connie Lawson’s office led to the conviction

 

INDIANAPOLIS (April 26, 2013) — Today, Bradley Collins of Fort Wayne was ordered to repay investors $2.2 million after pleading guilty to selling unregistered investments in a Ponzi scheme. Charges were filed against Collins after an investigation by Secretary of State Connie Lawson’s Prosecution Assistance Unit uncovered he used his shared Christian beliefs to swindle Hoosiers out of an excess of $30 million.

 

“Collins worked under the guise of a religious man and told his victims he only worked with God-fearing, church going people and was blessed to be blessing potential investors,” said Secretary of State Connie Lawson. “His portrayal of a Christian man put many of his victims at ease, increasing the amount of funds they invested.

 

“Today’s sentencing sends yet another message that Indiana is not a place for white collar crime such as affinity fraud. I commend local law enforcement officials, the office of Allen County Prosecutor Karen Richards and our Securities Division for their hard work in protecting Hoosiers from scam artist such as Mr. Collins.”

 

To date, 129 victims have been identified with 59 residing in Allen County. Almost all of Collins victims report he claimed to be a good Christian man and preyed on their religious beliefs. In some cases, he even dressed as a pastor to draw victims into the scam.

 

Collins was sentenced to eight years. He will serve two at Allen County Community Corrections Work Release. If successfully completed, he will serve the remaining six years of his term on probation.

 

Per the Plea Agreement, Mr. Collins agreed to plead guilty to the sale of unregistered securities.  Also as part of the Plea Agreement, Mr. Collins has agreed to testify in a federal criminal action involving an alleged conspirator in the state of Michigan.

 

Steve Hash investigated this case on behalf of the Indiana Secretary of State’s office and worked with Allen County Deputy Prosecutor Tim McCaully. 

 

About the Indiana Securities Division:

 

The Indiana Securities Division oversees Indiana's securities industry as well as the activities of mortgage brokers, collection agencies, franchisors and continuing care retirement centers. The Division is charged with protecting Hoosier investors by bringing enforcement actions against companies and individuals selling securities in violation of Indiana's securities laws and by educating Hoosiers about investing.

Contact Information:
Name: Valerie Kroeger
Phone: 317-233-8655
Email: vkroger@sos.IN.gov
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