LOUISVILLE, Ky. (AP) -- A one-time race car driver whose father went to prison for swindling investors has been indicted on charges that he ran a $15 million Ponzi scheme.
Brian C. Rose is accused of running a scam that ripped off 164 investors in four states who thought they were investing in coal mines.
The Courier-Journal reports Rose was arrested June 17 in Tennessee and indicted with eight co-defendants on charges of fraud and money laundering. Prosecutors say he used the money to buy racehorses, cars and gambling trips to Las Vegas.
Prosecutors say he started the scheme in Louisville and southern Indiana in 2011. He moved to Johnson City, Tennessee after investigators in Kentucky and Indiana began looking into the scheme. His father, David G. Rose, left prison last year.