- Associated Press - Friday, April 24, 2015

INDIANAPOLIS (AP) - The Securities and Exchange Commission is suing an Indianapolis financial planning firm alleging it defrauded 80 farm-loan investors of $15 million in 2013 and 2014.

The lawsuit states Veros Partners Inc. used the money to repay earlier investors.

The Indianapolis Business Journal (https://bit.ly/1yYsDCa ) reports a federal judge has blocked the company and its principals from soliciting investors, has frozen their assets and ordered the appointment of a receiver.

The SEC’s complaint says the defendants said investor funds would be used to make short-term operating loans to farmers but “significant portions of the loan proceeds were not used for current farming operations but were used to cover the farms’ prior, unpaid debt.”

A telephone message seeking comment was left at the firm’s Indianapolis office after business hours Friday.


Information from: Indianapolis Business Journal, https://www.ibj.com

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