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Federal judge approves $43M settlement to repay victims of Charlotte Ponzi scheme

CHARLOTTE, N.C. — A federal judge approved a settlement for investors in a Ponzi scheme operated by Charlotte businessman Rick Siskey.

[PAST COVERAGE: Focus shifts to wife of Charlotte businessman year after suicide]

Creditors waited two years for Tuesday's settlement to reclaim the money they thought they were investing.

[RELATED: Charlotte businessman's estate auctioned to repay Ponzi scheme victims]

The nearly $43 million settlement comes mostly from Siskey's life insurance payout.

Investors can get up to 90 percent of their money back.

(Rick Siskey)

Securities and Exchange commissioners have to approve the settlement. The commission is currently furloughed because of the government shutdown, so that will affect when investors will get their money back.

A federal court approved a different settlement last year.

[READ MORE: Siskey new complaint]

It included $10 million worth of payouts that Siskey's wife received in insurance after his death.

Siskey took his own life two years ago during the investigation.

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