Hendricks County Flyer, Avon, IN

Local News

November 6, 2013

Swindled victims receive some restitution

Secretary of State Connie Lawson recently announced that $46,000 in restitution will be returned to five Hoosier investors who lost their life savings and retirement in a Ponzi scheme.

The investors were victims of convicted felon Thomas Redmond Jr., who was sentenced to four years in prison for securities fraud in July.

The investors are receiving payment from the Securities Restitution Fund to help recover a portion of their losses.

“As is typical with most Ponzi schemes, Redmond spent all of his victims’ money, leaving them with nothing to show for their investments,” Lawson said. “Through the Securities Restitution Fund, these investors can recoup some of their losses to begin rebuilding their nest egg.”

Redmond was an Indianapolis financial advisor who admitted to investigators that he began taking client funds for his own personal use in 2004, often using shared Christian beliefs to secure and maintain the trust of the victims.

He defrauded 10 victims, nine of whom were elderly, out of more than $580,000. He concealed the misappropriation of his clients’ funds by sending them fraudulent statements which purported to show the returns on their investments.

He also made payments back to some of his clients, often through funds taken from other victims as is typical in a “Ponzi” scheme.

The Securities Restitution Fund was established by House Enrolled Act 1332 in 2010. The law enables the Securities Division to leverage fines collected from violators of the Indiana Uniform Securities Act to repay victims of financial crimes.

The Securities Restitution Fund does not use any taxpayer dollars.

Victims of securities violations where the illegitimate transaction occurred on or after July 1, 2010, may be eligible. In order to receive payment, victims must show proof that restitution was awarded by a state or federal court or administrative agency.

The Securities Division can award payment of up to $15,000 or 25 percent of unrecovered awards, whichever is less.

Victims may submit an application online for awards from the fund at https://myweb.in.gov/SOS/RestitutionFund/Application/Default.aspx.

Text Only
Local News
  • news parrish mug.jpg Kidnapper, rapist sentenced to 100 years

    DANVILLE — Michael Parrish of Indianapolis was sentenced to 100 years in prison for a Feb. 6 incident in which he kidnapped and sexually assaulted two women who had been shopping in Avon.

    April 17, 2014 2 Photos

  • Author featured in documentary Mike McCarty, CEO of Safe Hiring Solutions here, was featured in the final episode of the Investigative Channel Documentary series "Very Bad Men," which aired yesterday. The final episode focuses on McCarty's book Choking in Fear, which is a memoir o

    April 16, 2014

  • Indiana Academic Standards released The Indiana Department of Education (DOE) and Center for Education and Career Innovation (CECI) recently released the final draft of proposed academic standards for math and English/language arts that will guide Hoosier teachers as they create lesson

    April 16, 2014

  • Free skin cancer screenings offered The Dermatology Center of Indiana is offering free skin cancer screenings from 7 a.m. to 4 p.m. April 22 and from 7:30 a.m. to noon May 10 and 17 at the new Zionsville location, 6639 Whitestown Parkway. For more information, call 732-8980 or visit t

    April 16, 2014

  • HCF 4-16 news broady death pix Man arrested for OWI resulting in wife's death AVON — A Cicero man has been arrested in connection with an accident that killed his wife over the weekend. Brandon Broady, 26, was charged with operating a vehicle while intoxicated resulting in death. As of press time on Tuesday, the Avon Police De

    April 16, 2014 1 Photo

  • NASA's 'Destination Station' set to land in Indianapolis Starting April 19, residents of Indianapolis and surrounding areas are invited to experience NASA's Destination Station, a traveling multimedia exhibition designed to highlight how the International Space Station (ISS) came to be, what life is like o

    April 16, 2014

  • Danville Rotary Club presents golf outing The Danville Rotary Club will host the Harold Martin Open golf outing on May 15 at Twin Bridges Golf Club in Danville. The annual outing raises funds that are used to benefit Sycamore Services. The outing begins at 11 a.m. with lunch provided by Mayb

    April 16, 2014

  • Downtown Danville Partnership launches beautification effort Homeowners and businesses in Danville are invited to participate in a new beautification effort started here before the upcoming Mayberry in the Midwest festival on May 17-18. The Downtown Danville Partnership has formed a Main Street Beautification

    April 16, 2014

  • School board implements honors diploma DANVILLE -- The school board here agreed to implement a DHS Honors Diploma starting with the freshman class of 2018, next year. "We found, over time, that there is an unintended consequence when you have weighted grades, and that consequence is if a

    April 16, 2014

  • HCF 4-16 news musical pic 1 New musical coming to DCHS DANVILLE -- Danville Community High School will be putting on its annual musical the first weekend in May in the high school auditorium. "Thoroughly Modern Millie," based on the 1967 movie starring Julie Andrews and Mary Tyler Moore, will be performe

    April 16, 2014 3 Photos

House Ads
Hendricks County Marquee
Email News Sign Up
Twitter Updates
Follow us on twitter

New poll question: Will you be attending this year’s Indianapolis 500?

     View Results
AP Video
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Must Read