Ponzi scheme investors to get $4.6 million in restitution
Nearly 1,500 people who invested in a Ponzi scheme by a South Florida man purporting to be a Christian pastor will share more than $4.6 million in restitution, according to the court-appointed receiver, Jonathan E. Perlman.
U.S. District Judge Daniel T.K. Hurley in West Palm Beach approved the distribution plan this week. Checks are expected to be mailed Friday, said Barry Blum, counsel for Perlman.
George Theodule, operating out of the Lake Worth area, gained the trust of investors, including Haitian-Americans in Palm Beach, Broward and Miami-Dade counties, according to Perlman.
"A lot of these people were very poor and were afraid of banks," he said. "That's who he preyed on."
Read more: http://www.sun-sentinel.com/business/consumer/fl-george-theodule-ponzi-scheme-20161208-story.html