Friday, March 6, 2009
Another Ponzi Scheme Alleged - This One In New Hampshire
Colin Lindsey, 41 and the owner of Noble Trust Company in Manchester, New Hampshire, has been charged with operating a Ponzi-type investment fraud scheme that bilked some 300 investors out of at least $15 million. New Hampshire state banking authorities allege that Lindsey took money from new investors to pay back old investors whose money he had lost, then falsified records. A co-conspirator, Lisa Elliot, 45, of Epsom, New Hampshire and the former COO of Noble Trust, was charged with knowing about the scheme and not reporting it.