INDIANAPOLIS — The victims of a suburban Indianapolis man convicted in a financial scam will recover about one-third of the $9.7 million they lost to the hedge fund manager.
More than 90 investors received a $1 million distribution in 2013, and now about $2.2 million more is ready for distribution.
The Indianapolis Business Journal reports (http://bit.ly/1dDH9WB ) that recovering about 33 percent of losses is a far better outcome than is typical for such financial fraud cases.
Keenan Hauke ran Fishers-based Samex Capital Partners. He was sentenced to 10 years in prison in 2012 after pleading guilty to securities fraud.
Investigators found that after Hauke suffered massive losses in his hedge fund in 2004, he generated fake account statements for clients that showed money he didn't have and returns that he hadn't earned.
Information from: Indianapolis Business Journal, http://www.ibj.com