Michelle Kenen Seward
Position: Licensed Insurance Agent / CEO, Protégé Financial / Insurance Services Inc. / Saxe-Coburg Insurance Solutions LLC / Director, Dror Soreg
Crime: Michelle Seward, along with film director Dror Soref were convicted of operating a Ponzi scheme where they convinced clients to invest their life savings in a film direct by Soref called, “Not Forgotten”. Most of the victims were unsophisticated elderly investors and retirees.
Seward invited investors to “free” seminars where they would get investment advice and were offered a “no risk” investment in movies that would yield “high rates of return”. Upon the films completion, Seward and Soref formed a new entity, Windsor Pictures, LLC, which investors were promised would produce several films. They were given promissory notes and again were told they’d earn between 10-18 percent on their investment. This money was used to pay back some of the “Not Forgotten” investors, and employees.
Losses: Total losses estimated at more than $21 million from more than 140 victims between 2007 and 2010. Some investors lost as much as $395,000.
Dror Soref was responsible for directing Weird Al Yankovic’s music video, “I Love Rocky Road”.