Attorney General Todd Rokita and team tear down Harvard lawyer's massive Hamilton County Ponzi scheme
Attorney General Todd Rokita and his team on Thursday successfully obtained a temporary restraining order and appointment of a receiver for assets linked to an alleged illegal Ponzi scheme operated by a Hamilton County man and several?alleged out-of-state accomplices.
Thursday's evidentiary hearing occurred after Attorney General Rokita's team?moved quickly to file a lawsuit against?Darrin W. Blaine ? a? Fishers resident and Harvard Law School graduate?? and others?accused of defrauding multiple Indiana victims of nearly $1 million.
?It?s sickening to see alleged criminal manipulators maliciously abuse the trust of hard-working Hoosiers and swindle their hard-earned money for personal gain,? Attorney General Rokita said. ?While other law enforcement agencies press criminal charges, we work to hold financially accountable all those who have violated Indiana Securities laws, recover assets they have wrongfully obtained, and secure restitution for victims.??
Blaine allegedly presented himself to investors as a seller of securities ? though he was not registered with the Indiana Securities Division. He?allegedly bilked eight Indiana investors of approximately $680,000 and allegedly using the investors? funds for his own personal lifestyle expenses.
He was arrested on Oct. 12 and charged by the Hamilton County prosecutor with six felony counts of securities violations, one felony count of money laundering and one felony count of corrupt business influence.
Attorney General Rokita?s lawsuit ? brought on behalf of Indiana Securities Commissioner Marie Castetter ? focuses on alleged violations of the Indiana Uniform Securities Act.
The lawsuit asks a Hamilton County court ? among other things ? to immediately freeze assets representing the ill-gotten gains, set up a receiver for assets controlled by the defendants, and require defendants to make restitution to victims.
Other defendants include companies through which Blaine allegedly carried out his crimes, Akamai Physics Inc. (API) and Porrima Photonix Inc. (PPI). They also include Allen R. Geiger and Marguerite Kimball-King. These defendants are all based in New Mexico.
This case originated with complaints to the Indiana Securities Division, which then began investigating. Other state and local agencies, in Indiana and New Mexico, also participated in the investigation. Indiana Secretary of State Diego Morales oversees the Indiana Securities Division.
?The financial investors in this case placed their hard-earned money into the hands of someone whom they thought they could trust,? Secretary of State Morales said. ?Instead, the victims? money fell into the hands of a bad actor who used the investors? funds for personal use. Our office will continue to seek justice for these Hoosier investors and hopefully restore some trust back to the victims.?
On Thursday, the Hamilton Superior Court appointed James Ammeen as receiver and set an injunction hearing for 9 a.m. Nov. 28.
Attorney General Rokita thanked his team for their work on this case, specifically?Deputy Attorneys General Jill Haddad, Blake Erickson and Hannah Deters of the Administrative and Regulatory Enforcement Litigation Section (Litigation Division).
The complaint is attached.
A headshot of Attorney General Rokita is available to download.
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