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Jordan Chirico, 41, has been charged in connection with an alleged $200 million Ponzi scheme centered on water vending machines. He is now facing both criminal charges and civil litigation, according to Fox 59.
Authorities say Chirico persuaded a hedge fund he managed, known as 352 Fund, to purchase $100 million in bonds from Water Station Management. The Indiana Public Retirement System also invested in the company.
Investigators report that the company ultimately collapsed, with many of its supposedly sold water vending machines either missing or never existing.
