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Scoring against Ponzi schemers

Lexington is filled with diehard University of Kentucky basketball fans. Some fans have memorized virtually every game of every season they have watched and will recall the fairly nondescript 2000 campaign. Coach Tubby Smith led the Wildcats to a 22-9 record and a bid to the NCAA tournament, where they were quickly dispatched in the second round. The championship went to Michigan State, who defeated Florida 89-76.

Why do we bring up a period many fans still hold in low regard? Hold on. You might recall a sharp-shooting guard/small forward on that Florida team, Mike Miller, who has had a long, productive NBA career. Miller recently filed a lawsuit seeking to recover as much as possible of the $1.7 million swindled from him in a Ponzi scheme.

According to a newspaper report, two men who created a company that was pitched to investors as a firm successfully trading options and futures on the S&P and in equities. In reality, the pair was generating faked account statements to lure investors such as Miller.

Over a four-year period ending in 2011, the pair received $23.5 million from a group of more than 100 investors, the Securities and Exchange Commission said. One of the men got $1.95 million in the scheme while the other received $1.65 million.

Miller's attorney told a newspaper that "Mike has already recouped a substantial amount of his investment...because of safeguards he took with this investment." Miller wants the balance of his investment, plus interest, returned. Sounds like Miller learned how to do more than shoot the three-pointer while in school.

If you suspect you have been lured into a Ponzi scheme, you can act to protect your investment. An experienced Lexington securities attorney moves quickly to safeguard your assets and rights.

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