SIOUX FALLS, S.D. (AP) — Former Cleveland Cavaliers and current Portland Trail Blazers forward Mike Miller has filed a lawsuit aimed at recovering what remains of $1.7 million he said he lost in a Ponzi scheme.
The Argus Leader reports (http://argusne.ws/1JZl3cx ) Miller seeks to recover his investment in RAHFCO Hedge Funds.
In 2013, the Securities and Exchange Commission filed a complaint saying Randy Hansen of Sioux Falls, the public face of RAHFCO, and Vincent Puma of New Jersey concocted phony account statements that misrepresented their trading.
Authorities say RAHFCO promised huge returns to new investors and used their deposits to pay off others.
Miller’s lawyer says his client has recouped a “substantial amount” of his $1.7 million, but sued Puma for the rest Sept. 4.
Puma’s former attorney wasn’t aware of the lawsuit and no number was listed at Puma’s home.