Government Will Pay Back Victims Of Ponzi Scheme
By: WROC-TV
Updated: November 29, 2012
The U.S. government has agreed to pay back $9 million to victims of a Ponzi scheme run by a Honeoye Falls man.
Ashvin Zaveri was indicted on 16 counts of mail fraud, wire fraud and money laundering back in 2009 for allegedly pocketing money from investors in his gas and oil company. Federal prosecutors say Zaveri received an estimated $35 million from various investors between 2003 and 2009. Zaveri died in 2010 before he could be convicted.
The victims will be repaid with the funds from two life insurance policies and a bank account.
Ashvin Zaveri was indicted on 16 counts of mail fraud, wire fraud and money laundering back in 2009 for allegedly pocketing money from investors in his gas and oil company. Federal prosecutors say Zaveri received an estimated $35 million from various investors between 2003 and 2009. Zaveri died in 2010 before he could be convicted.
The victims will be repaid with the funds from two life insurance policies and a bank account.
