Former assisted living CEO indicted on Ponzi scheme charges
The former CEO of an assisted living chain has been indicted on charges of running a Ponzi scheme that defrauded more than a thousand investors out of $130 million.
Jon Michael Harder, 47, who had been the CEO of the assisted living chain Sunwest Management until 2009, surrendered to Oregon law enforcement officials on Thursday. He had been indicted on 56 counts of mail fraud, wire fraud, money laundering and other charges, the Associated Press reported.
According to local officials, Harder used investors' money to fund a lavish lifestyle while Sunwest floundered financially. Harder left the company in 2009 when the company went through a restructuring. The remaining ownership turned the company around. Then, The Blackstone Group bought the company in 2010 for $1.35 billion.
According to the AP, Harder had been living in North Dakota prior to turning himself in.