A Minnesota entity offered investors (many from a local church) the opportunity to own real estate, promising annual returns exceeding 30 percent. More than $60 million was collected from more than 100 investors, many of whom took out home equity loans or cashed in IRAs to participate. However, little of this money was ever invested in real estate. Instead, it was placed into various investment schemes, including an infamous pyramid scheme in Atlanta. When the company defaulted on the loans, its assets were frozen and the Minnesota Attorney General recommended Cordes & Company as receiver. We used our forensic skills to identify and attach various assets around the country. About $9 million was recovered.