Retired Minnesota Couple Lured Into Ponzi Scheme; Lose Home

In Minnesota, the Forest Lake Times reports on the story of a formerly retired couple who, looking to enhance their retirement income, ended up investing in what turned out to be a multi-state Ponzi scheme offered by Neulan D. Midkiff, a local man who led the Shiloh Church. The investment returns on their initial investment (mostly financed with their home equity) appeared to be so great and they were riding so high that they proceeded to finance additional investments with Midkiff, as well as substantial improvements to their home, with more of their home equity.

To make a long story short, the investment returns abruptly stopped, the couple filed bankruptcy, and Pastor Midkiff had his assets frozen by the Securities and Exchange Commission and was indicted by a Federal grand jury. The couple lost their retirement home and are no longer retired. They are now both looking for work and new housing.

For more, see Retirement dream now a nightmare.
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