AVID Risk acquires Ponzi firm assets
Federal Chief U.S. District Judge James Peterson approved the sale of Watertown-based ISC insurance agency assets to AVID Risk Solutions Inc., a Madison-based independent insurance agency, and Family Insurance Center, effective June 1.
ISC was in receivership due to a multimillion dollar Ponzi scheme alleged against its former owner, Loren Holzhueter, who died in 2015.
AVID Risk will be responsible for six of nine ISC locations (Watertown, Lake Mills, Fond du Lac, Beaver Dam, Oconomowoc, and Waterloo), with Family Insurance Center handling three in the Fox Valley area.
“We’re hopeful that this purchase will help the victims of the Ponzi scheme recover a good portion of the money they lost,” notes Brock Ryan, president of AVID Risk Solutions, in a release.