Money Managers Arrested Over $45M Ponzi Schemes

Law360, New York (December 8, 2011, 9:35 PM EST) -- Federal authorities on Thursday arrested two investment managers based in Texas and California after they were indicted separately on charges that they orchestrated Ponzi schemes that scammed investors out of a combined $45 million.

The indictments, unsealed Thursday in Utah federal court, accuse Robert J. Andres, 60, of Houston, and Robert L. Holloway, 54, of San Diego, fraudulently raised $96 million from investors. Andres raised $71 million through his Winsome Investment Trust, while Holloway raised $25 million through his investment firm U.S. Ventures LLC.

Andres was...
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