Some investors say they have lost their lives or saving money to take care of stopping Advertisementparents company in trouble. 1400 Some investors sank money into individual funds of Cedar topics ranging from $ 500 to $ 1.4 million, according to bankruptcy documents.
The manager said that most of the loans were not paid and Cedar funding – which has offered investments in specific projects and real estate mutual funds – they were poor compared with other financial positions in several properties as collateral loan. A few months into the funding of cedar in May 2008, describes an insolvency fund portfolio Cedar $ 183 million in loans as a disaster.
Nilsen said the trustee operated the company as a "Ponzi scheme" for at least four years. Earlier this year, approved a settlement plan funds, said Cedar creditors – most of them investors who were attracted by the promise of return of 10-14 percent Nilsen your money – you get 5 to 10 cents of U.S. dollar.
Related Stories
