Federal lawsuit: Multi-million dollar Ponzi scheme targeted retired SAPD officers, other first responders
Read full article: Federal lawsuit: Multi-million dollar Ponzi scheme targeted retired SAPD officers, other first respondersSAN ANTONIO ā A Kendall County man swindled millions of dollars from retired San Antonio police officers and other first responders as part of a multi-million dollar Ponzi scheme, according to a lawsuit filed this week by investigators from the Securities and Exchange Commission. The lawsuit, which was first reported by the San Antonio Express-News, accuses 47-year-old Victor Lee Farias of carrying out the fraudulent investment scheme from 2013 through January of last year. Farias told investors their money would be spent on aircraft engines and other parts which would then be leased or resold to the major airlines, according to the lawsuit. Investors, many of whom were retired first responders, were promised a return on their investments of between 10-12 percent per year, the suit states. The suit claims Farias is 46, but a background check revealed that he is actually 47.