State Rep. Woody Burton joined Secretary of State Connie Lawson, Thursday at the Statehouse, to present the first securities fraud victim a check from the Securities Restitution Fund. Steve Brodie received a check for $15,000 after being the victim of a fraudulent investment scheme. At the time, he was conned out of his life savings and retirement by a fraudulent investment fund manager.
The Securities Restitution Fund, established through House Enrolled Act 1332, co-authorized by Rep. Burton in 2010, was created to help Hoosier investors recoup money stolen by scam artists. The fund is the first of its kind in the nation and uses no taxpayer dollars. Instead it uses fines and settlements collected from violators of the Indiana Uniform Securities Act to repay victims of financial crimes. Eligible victims can receive up to $15,000 or 25 percent of unrecovered costs, whichever is less.
“The Securities Restitution Fund allows us to help Hoosiers who fall victim to securities violations recover a portion of the money taken from them,” said Rep. Burton. “I am honored to have had a part in helping Hoosiers who were swindled out of large sums of money by creating this legislation to help them recover a portion of it.”
In order to qualify, victims of securities violations must show proof that restitution was awarded by a state or federal court or administrative agency for a transaction that occurred on or after July 1, 2010. For more information about the Securities Restitution Fund, visit myweb.in.gov/SOS/
Below is a photo of State Rep. Burton, Steve Brodie and Secretary of State Connie Lawson.
