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BUSINESS

SEC sues Indy securities firm for alleged Ponzi scheme

Jeff Swiatek
jeff.swiatek@indystar.com

An Indianapolis securities firm has been sued by the Securities and Exchange Commission for what it said was a Ponzi-like scheme that raised $15 million in two farm-loan offerings.

Veros Partners owes millions of dollars in past due payments to more than 80 investors, says the SEC lawsuit.

It accuses Veros, its president Matthew Haab, two associates and three associated companies of federal securities violations involving the offerings in 2013 and 2014.

The lawsuit, filed Wednesday in U.S. District Court in Indianapolis, asks a judge to prevent Veros and the other defendants from raising more money from investors.

The judge, Jane Magnus-Stinson, approved the order to freeze the assets of Veros and the other defendants and prohibit them from raising more money. She also appointed a receiver to run the companies.

The SEC also wants Haab and other defendants to give up "ill begotten gains," including over $800,000 in undisclosed fees and other income. It also asked the judge to levy a financial penalty.

Haab, 43, did not immediately return a call for comment made to Veros' offices at 5955 S. Emerson Ave. Also named in the lawsuit were Jeffrey Risinger, 59, a Fishers attorney, and Tobin Senefeld, 48, CEO of Pin Financial, who are described as associates of Habb.

The SEC said Veros raised at least $15 million from investors to make short-term operating loans to farmers. But much of the money was used to cover unpaid debt on loans from prior farm-loan offerings, the SEC complaint says.

Senefeld was previously sued in 1999 by the SEC for securities violations. He paid a $25,000 penalty and was suspended for 12 months from working with broker-dealers.

Call Star reporter Jeff Swiatek at (317)444-6483. Follow him on Twitter: @JeffSwiatek.