By PAULA TRACY, InDepthNH.org
MEREDITH – About 150 people who lost money in the infamous Financial Resources Mortgage’s $33 million Ponzi scandal will be seeing a check soon from the state’s $10 million relief fund.
From a line cook in the Lakes Region who will get back about $3,000, to business professionals, a state House Representative, and former NFL athletes, the checks have not yet been cut but will be soon, said Michael S. Garrity, spokesman for attorney General John Formella.
State Rep. Harry Bean, R-Gilford, said he and his wife Priscilla lost almost $2 million in the scheme, not counting what their extended family members lost. Bean and a half dozen other families have been pressing lawmakers since the 2009 FRM collapse to make right their losses.
“We’ll get about $190,000,” Bean said Sunday. “That’s about 10 cents on the dollar. I’m too tired to fight. This has taken my whole life away since 2008.”
Bean, who owns about 70 rental units in the Lakes Region, said he didn’t invest in FRM to make money, but rather used his assets to make loans to people who were having trouble getting loans.
The victims’ fund can’t make up for the money lost after he and his wife worked 75 hours a week each for many years to build their business, Bean said.
See the full list of FRM claimants who will receive checks from the state.
Bean, who is serving his third term in the House, said he told colleagues what happened to his…
