Karen Tyler, the North Dakota Securities Commissioner, announced today that approximately $420,000 has been repaid to victims of the Preferred Trust & Management scam sold by Frederick W. Keiser, Jr. of Minot, North Dakota.
Last week, the North Dakota Securities Department paid $220,000 from the Investor Restitution fund to compensate victims in the Preferred Trust matter. Previously, $200,000 had been paid out of this fund to compensate individuals from the same class of investors. The funds that were paid out were collected from Frederick W. Keiser, Jr. and Etoile Keiser pursuant to a settlement reached between the Keisers and the Securities Department.
We are pleased to provide relief to investors who have been victimized through the Preferred Trust scam says Tyler. There is approximately $30,000 left in the fund available for disbursement to Preferred Trust investors who file a legitimate claim with the North Dakota Securities Department. Also, there is approximately $40,000 yet to be collected from the Keisers.