Mar 1, 2013 9:49 AM by AP
BATON ROUGE, La. (AP) - A federal grand jury has indicted a Louisiana man on 18 counts of mail fraud for allegedly executing a $13 million investment fraud scheme.
U.S. Attorney Donald J. Cazayoux Jr. announced Thursday that 57-year-old James R. Holdman, of Baker, La., operated a hedge fund called Greenwing Capital Management LLC and solicited and received millions of dollars in investment funds from the victim investors.
The indictment says Holdman operated from Baton Rouge and Zachary. He is accused of defrauding four investors in Mississippi, one in Florida and one in Baton Rouge.
The indictment alleges that Holdman falsely represented to the victims that their investments were earning positive rates of return when, in fact, he had lost more than 98 percent of their funds.