Two years after its creation, Indiana’s Securities Restitution Fund – which provides relief for victims of investment scams – paid out its first check. And Secretary of State Connie Lawson says there should be more to come.
A major reason why it took two years for a single check to be issued from the fund is timing: to be eligible for relief, the scam must have taken place on or after July first, 2010…the date the law creating the fund took effect. Secretary Lawson says the time between the crime and when the victim gets relief can be lengthy.
“Many times the investors don’t know for a while that the fund is in trouble,” she says. “And it takes a while to investigate.”
Scammed investors must also apply for the money themselves within 180 days after a court or administrative order is issued.
Lawson says finally paying out the first check should help raise public awareness about the existence and usefulness of the fund. And she says her office is working on about 40-50 fraud cases at a time…cases that could lead to relief for victims from the fund.