Authorities Say Investors In CD Scam To Be Repaid

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Authorities said they have attached enough ill-gotten funds to repay investors in a phony CD scam drawn on World Bank Staff FCU. One of two men who allegedly sold the bogus CDs, Robert Holcombe, agreed to pay authorities almost $97,000 to help repay victims. The funds, along with the $339,000 frozen at Fifth Third Bancorp, should be enough to reimburse the almost 20 investors on the scheme, authorities said. A civil suit claims Holcombe and his partner, Dover Holland, solicited the investments by claiming they were backed by the Washington, D.C.-based CU, even though neither one had any connection with WBSFCU.

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