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June 9, 2015

Farm Loan Ponzi Scheme Costs Investors Millions

Matthew Haab, president of Partners Inc., faces charges by the Securities and Exchange Commission (SEC) for allegedly running a Ponzi scheme. The SEC believes that Haab deceived eighty of his clients into investing in loans to farmers. The clients were told that the loans would be used to aid farmers in the 2013-2014 growing season. As a result, Haab and his firm was able to raise about $15 million through the scheme. Nearly half of the money earned went to past investors. According to a Wall Street Journal report, “$800,000 went to Mr. Haab and two other advisers, Jeffrey Risinger and Tobin Senefeld, in undisclosed fees.” The SEC has frozen all accounts related to the scheme.

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