Investors Claim Millions Lost in Ponzi Scheme
Two men have been accused by investors of duping them out of millions in an alleged Ponzi schemeinvolving an aircraft parts scam. The alleged investment scam was operated through Fort Lauderdale-based Military Air Parts International where investors were told that U.S. military cargo plane parts were being resold for profits to foreign air forces around the world.
Former Air Force officer Roger Bruce Green, of Stuart, and Victor Eugene Brown, of Hollywood, have been accused by investors of soliciting millions of their dollars in the alleged Ponzi scheme.
Though no charges have been brought forth, both men are currently under investigation by the Florida Department of Law Enforcement for grand theft, racketeering, and fraudulent transactions from 2005 through 2006. Reports indicate that the federal government is also looking into the case
According to a search warrant filed in Miami-Dade Circuit Court, the company raised at least $4 million from more than a dozen unsuspecting investors. They were told that they would receive returns of between 15 and 30 percent within three to six months. The company dissolved in 2007.
Investigators say that the company claimed it was buying used aircraft parts and reselling them. However, it appears that the company may have sold the same parts to multiple buyers.
At the law firm of David P. Meyer & Associates, we represent clients who have been harmed by investment fraud. If you would like more information, contact us by calling us or filling out our online form.