He promised returns of 10 to 15 percent on investments, and solicited more than $700,000 to purchase bogus homes in Prospect, Shelbyville and Goshen. Now, a Louisville man faces a federal charge for mail fraud related to his investors’ loss of $1.2 million in his real estate scheme.
A federal grand jury indicted Russell N. Daniel, 63, on a single count of mail fraud after an FBI investigation.
According to the indictment, between March 1, 2005 and October 31, 2008, Daniel swindled investors in his real estate business to obtain money and property.