A court-appointed receiver of a California company says he has located more than half of the $95 million invested by hundreds of people nationwide in a company that claims it bought life insurance but never did.
Barry A. Fisher said Friday that just under $54 million of the money invested in Personal Choice Opportunities has been secured and another $10 million was expected to be recovered.
Fisher was appointed receiver of the Palm Springs, Calif., company by a Los Angeles Superior Court judge. He is seeking to recover the investments of about 1,600 people in 37 states. Many of the investors are elderly.
He made his comments a day after Dr. Thomas K. Hines, of Carson City, Nev., pleaded innocent to conspiracy to commit mail, wire and securities fraud and was released on his own recognizance.
Hines allegedly provided credibility to Personal Choice Opportunities by giving bogus medical opinions to investors both orally and in writing.