HOUSTON (CN) – Thomas Emmick claims Core Funding Co. pays investors from “receivables” it buys from “plaintiffs’ lawyers,” but it’s just a Ponzi scheme, says a woman who claims she lost $680,000 to the business. She claims Emmick, who formerly operated out of Houston, has moved to Washington state.
Janna Mugge says she invested $680,000 in Emmick’s business over the years, with promises that he would pay 8% to 11% returns. But she says investigation showed that anything he did pay he’d collected from new investors – a classic Ponzi scheme. Mugge is represented in Harris County Court by Murray Camp with Tipton Jones of Dallas.