A company that assists victims of investment fraud says there are more than ten thousand victims of fraud in Florida including many counties in our area.
Many of the victims are retirees who put all their life savings into schemes only to lose it.
Some Marion County residents put their trust in a man who ran the biggest Ponzi fraud scheme in U-S history.
Now they are paying the price.
Lou Pearlman, best known for managing boy bands such as the Backstreet Boys and N'Sync is accused of running the fraud scheme. Pearlman reportedly denied involvement, saying he has been misrepresented in the media. He also says he's eager to clear his name.
A for profit company based out of Tampa called JK Harris 165 services helps these victims of fraud by using a law designed to protect individuals by allowing tax refunds for victims who lost money in fraud schemes.
The company charges between three and fifteen thousand dollars depending on how much the victim lost. They will only collect this however, if the victim gets their money back.
Joe and Jean Madigan live in Marion County and lost three hundred thousand dollars in the investment fraud scheme.
Joe Madigan says, "That's the way he operated he was taking your money to pay me and my money to pay her."
Not everyone can benefit from services provided from companies like 165 services. There are some guidelines for one you have to have paid taxes on the money lost. You also have to prove that you were targeted for the scam.
Pearlman is now in jail in Orlando. He's accused of scamming over 317 million dollars out of 1800 investors.
By Sarah Pusateri WCJB TV 20 News
- New Bill Aims to Increase Financial Literacy Among Florida Students
- Financially-Minded Students
- Hotel Financial Trouble
- Group That Helps Low Income Pets, Needs Financial Boost Of Their Own
- Waiting for Financial Aid
- New Year's Resolution: Financially Fit in 2012
- ArtWalk Facing Financial Issues
- Financial Free Speech
- Waldo Seeing Financial Struggles After Disbanding Police Force
- North Central Florida YMCA in Financial Trouble