Alleged Ponzi schemer estate sued by state of Iniana

October 4, 2013 (KOKOMO, Ind.) -- state of Indiana has sued to freeze the assets of the estate of a Kokomo investment adviser so it can provide possible restitution to victims who may include former National Football League players.

Indiana Secretary of State Connie Lawson said Thursday that the attorney general's office file the lawsuit in Howard Superior Court in Kokomo against the estate of Richard Schwartz.

Lawson says Schwartz bilked clients across the country out of $5 million to $10 million. She says the victims possibly include former NFL players, but none are named in the complaint.

Lawson says Schwartz ended his life in August, one month after her office began investigating numerous investor complaints against him.

Lawson says the assets include a $13 million life insurance policy.

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