Minnesota Business Charged with Fraud
By Katie Hauser
Published on September 20, 2006
The company, IPM, and its affiliates have been accused by the Minnesota Attorney General’s Office of conducting fraudulent investment seminars in 2005. Potential investors were assured of 30 percent returns on real estate investments. Furthermore, many of the first-time investors were lured with promises of protection from $25 million insurance policies that never existed.
The government intends to freeze the assets of IPM and its affiliates and use the money to pay back some of the $3.5 million taken from investors. IPM and two company executives who conducted the seminars will most likely face criminal charges.
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