Now Investors to Be Paid Back
Investors are unknowingly taken advantage of all the time. While there are thousands of good companies raising capital for legitimate needs, there are also thousands of scammers willing to take your money and spend it on themselves.
For investors that were victims of the Lupas Ponzie Scheme, justice was served when a chief justice of the Pennsylvania Supreme Court decided they will share in a $3.25 million fund. The court created this fund by collecting annual attorney registration fees. It has now reached millions of dollars and will be put to good use by giving some victims their money back.
Judge stumbled across the information while cleaning out his father’s law office after he was injured.
The case gets even more interesting when you learn who brought the ponzi scheme to light in the first place. Judge David Lupas, son of Anthony Lupas, is who turned authorities onto his father’s scam. Judge Lupas wrote a statement that said…
“he came to learn of circumstances involving him which I believed warranted an investigation. Accordingly, I reported this matter to the proper authorities and requested an investigation.”
Apparently the judge stumbled across the information while cleaning out his fathers law office after he was injured. It is believed that at least 80 people have been victimized by the scheme.
Anthony Lupas was a Wilkes-Barre Pennsylvania lawyer and a school district solicitor. According to the charges he ran a Ponzi scheme where he continued to take investment money from new investors and used it to give returns to older investors. He continued to promise high returns but there were really no returns at all. What he didn’t pay out he kept for himself. He is also charged with conspiracy and mail fraud.
He took millions from investors without anyone knowing their was a ponzi scheme in play.
If it wasn’t for him becoming injured, and his son cleaning out his office as a result, the scam may not have been uncovered for years. The case is still ongoing so more details are likely to surface regarding the exact amount that investors were cheated out of.
He has not stood trial yet because his family says he has Alzheimer’s. The prosecutor in the case says he is fully aware of the charges and is asking a judge to have him tried anyway. In the meantime 47 people that invested with Lupas have hope as they will get some of their money back through this state fund. This is no doubt in part at the urging of Judge David Lupas who must feel some level of responsibility for not catching the scheme sooner. His prompt reporting of it shows his clear disapproval while it may make for an interesting family dynamic around the Thanksgiving table….