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Ruge started raising revenue for his Chivas Progress Fund in 2001, promising buyers he would location the money with hedge-fund traders who were being “at the top of their career.”

He joined the Victoria Rotary Club and ingratiated himself with its customers. The method labored. A person member, that is effectively into his 70s and life within an assisted-living home, invested $seventy five,000 in Ruge’s fund.

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It took commission investigators months to piece alongside one another what happened, and it was not a reasonably image. Pretty much none of the $1.

Ruge claimed he would only acknowledge cash from buyers who ended up charitably minded: “You Michael Ruge will need to give back again for the community or we gained’t trade your money. We have now previously turned down two individuals who preferred to take a position 50 % a million bucks.”

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