CONCORD — A bill to establish a fund to provide restitution for those defrauded by Financial Resources Mortgage, Inc. (FRM) carried the New Hampshire Senate by a voice vote yesterday.
A similar bill introduced by then Senator Peter Bragdon (R-Milford) last year was referred to interim study by the Senate. Senator Kevin Avard (R-Nashua) introduced Senate Bill 155 in February.
The bill would designate 50-percent of the proceeds from penalties and fines collected by the Bureau of Securities Regulation in excess of its budgetary needs and 50-percent of the undesignated funds from settlements secured by the Department of Justice to the fund to make restitution to victims defrauded by the Meredith firm.
Scott Farah and Donald Dodge, the principals of FRM and its afiliate C L& M, Inc. were sentenced to prison for their part in defrauding more than 150 investors of some $23-million over nearly a decade before the firm imploded in 2009.
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