Brevard Businessmen, Donald Ray Babb and Ralph Ruth, Allegedly Ran Florida Ponzi Scheme
Have you trusted your hard-earned money with either Donald Ray Babb or Ralph Ruth?
If you have, you may be interested that the Peiffer Rosca Wolf investment recovery lawyers are currently investigating the case, wherein Donald Ray Babb, 58, of Merritt Island, and Ralph Ruth, 61, of Melbourne, have been accused of allegedly running a Ponzi scheme that swindled many investors out of as much as $19 million.
From June of 2006 through December of 2013, many of the victims of Babb’s and Ruth’s alleged scheme claim to have lost their life’s savings, and many of the victims were also senior citizens, according to documents from local, state and federal officials currently being reviewed by attorneys Joe Peiffer and Alan Rosca.
Local officials allege that it is allegedly the largest scam of its type in Brevard in financial terms, and also reiterated that most investors were elderly.
Money was allegedly collected by Babb and Ruth to pay other clients but also reportedly used to purchase “real estate and other luxury items for themselves,” according to documents from the U.S. Attorney’s office currently being perused by attorneys Alan Rosca and Joe Peiffer.
Investment Recovery Lawyers Investigating
The Peiffer Rosca Wolf investment recovery lawyers often represent investors who lose money as a result of Ponzi schemes or investment misconduct. They are currently investigating the alleged Ponzi scheme ran by Donald Ray Babb and Ralph Ruth, and the possibility of assisting any investors with the recovery of any losses they may have suffered. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Any Investors who believe they lost money as a result of alleged improper sales of the alleged Ponzi scheme ran by Donald Ray Babb and Ralph Ruth may contact the investment rights attorneys at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.