Arkansas AG Sues Company Over Alleged Ponzi Scheme
Arkansas Attorney General Dustin McDaniel has filed a lawsuit against a Conway roofing company for allegedly engaging in a Ponzi scheme that defrauded Arkansas consumers of more than $250,000.
Dustin alleges Conway Roofing aggressively pursues new customers who pay significant insurance proceeds to the company in advance of promised roof repairs, but the money goes to fund roofing work already promised to other consumers. Meanwhile, company owner Michael J. Wickherst allegedly has spent tens of thousands of dollars in business money for personal expenses.
The lawsuit in Pulaski County Circuit Court seeks an injunction preventing Conway Roofing from signing up new customers and requiring the company to honor existing contracts or refund payments to those who choose to cancel.
A call to Conway Roofing seeking comment wasn’t immediately returned.
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