Victims of Ponzi Schemer to Receive Restitution

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Secretary of State
INDIANAPOLIS (August 29, 2013) – Victims of money manager Keenan Hauke’s Ponzi scheme will receive $1 million in restitution thanks to an asset freeze by Indiana Secretary of State Connie Lawson’s office. Keenan Hauke was a prominent money manager from Fishers who managed Samex Capital Partners LLC.  He was sentenced to 10 years in prison in December 2011 for securities fraud. Although Hauke is now behind bars, the cleanup continues to try to return significant portions of investor losses, totaling over $9 million.
“Helping these Hoosier victims is our number one priority and we will not stop until we have maximized their restitution,” said Secretary Lawson. “Today’s partial repayment was made possible thanks to the quick action of my Securities Division team. Keenan Hauke’s assets were frozen within days of our discovery of the scheme, allowing us to recover a greater portion of investors’ losses. While we are thankful the receiver is able to return $1 million to investors, the work is not done. There is still a condo in Barbados to be sold that Hauke purchased with investor money and we’ve filed an action against Hauke’s CPA firm for its role in contributing to investor losses.  I commend receiver William Wendling and counsel Scott Starr for their work thus far.”
Ninety-seven investors will receive a pro-rata distribution of $1 million from the funds recovered to date. Since June of 2011, the Secretary of State’s office has worked with the receiver, William E. Wendling Jr., and counsel to the receiver, Scott Starr, to recoup as much money as possible for Hauke’s investors. To date, $1.5 million has been recovered through asset freezes, marshaling of other accounts and clawback litigation. The Secretary of State’s office and the receiver will continue to work together to optimize the recovery and return Hauke’s ill-gotten gains to investors.
“When we investigate a Ponzi scheme, the circumstances often hinder our ability to recover large portions of investors’ funds because in many cases the money has already been spent,” said Securities Commissioner Chris Naylor. “By freezing Hauke’s assets within days of initiating the investigation, I believe we’ve been able to maximize our recovery efforts and return a greater portion of investors hard earned money.”
In addition to the $1 million distribution, several Hauke victims have also received money from the Secretary of State’s Securities Restitution Fund. This fund helps victims of securities fraud recover a portion of their losses and was the first of its kind in the nation. Since its inception in July of 2010, over $42,000 has been returned to four separate victims.
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Region News Team
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