Proposed settlement in Rick Siskey Ponzi case would bring first payments to victims

Investors in a Ponzi scheme operated by the late Charlotte businessman Rick Siskey would receive nearly $15 million in interim payments under a proposed settlement with his widow, according to documents outlining the deal.

Those payments would account for about 39 percent of each investor's "base claim" and could be paid out as early as July, according to a summary of the agreement among a court-appointed trustee, the administrator of Siskey's estate and lawyers for Diane Siskey.

The proposal contemplates making additional points and aims to avoid lawsuits with Diane Siskey and others. Most of the money would come from nearly $40 million in life insurance proceeds Diane Siskey received after her husband's death.

The plan, filed Friday in bankruptcy court, still needs court approval and requires the conversion of the bankruptcy court case to Chapter 11 from Chapter 7. As part of the Chapter 11 plan, Diane Siskey would receive a "broad release" from any liability, said Joe Grier, the trustee handling the bankruptcy case.

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