The state budget included a $10 million restitution fund for victims of the FRM Ponzi scheme. The fund’s creation got relatively little attention, but it marked another chapter in a saga that once engulfed state politics.
It’s easy to forget how prominent FRM was, unless you were directly connected to the case as an investor or victim, knew someone with a legal connection to it, or, in my own case, as someone who had to cover it as a reporter.
Before FRM imploded in the cratering economy of the Great Recession, it was run out of a Meredith mortgage company. It took hundreds of investors, many from the Lakes Region, for more than $30 million.
The architects of what authorities called the largest financial crime in state history were an unprepossessing duo.
Scott Farah, the…