Investors seek to push Siskey-run investment fund into bankruptcy

Investors in a fund run by the late Rick Siskey that the FBI has alleged was a Ponzi scheme have filed a petition seeking to push the fund into Chapter 7 bankruptcy.

Charlotte attorney Charles Monnett III, who represents two of the fund’s investors, said it’s the “best way to get the most money back for the most people.” If TSI Holdings files for Chapter 7, the bankruptcy court can appoint a trustee to determine how to repay investors.

Siskey took his own life Dec. 28, a week after court filings gave the first public indication that he was under investigation for fraud allegations. An FBI affidavit unsealed this month alleged he was operating a Ponzi scheme and that more than 100 investors could be out as much as $19 million.

The petition was filed Friday in federal bankruptcy court in Charlotte by attorney Jim Henderson, who is working with Monnett.

The three investors named are Charlotte businessman and former basketball announcer Billy Packer, retiree Charlotte Dreibelbis and attorney Michael D’Agata. Their claims total about $1.425 million, with Packer owed the most at $1.2 million. Dreibelbis wouldn’t comment, while Packer and D’Agata could not be reached.

Diane Siskey, Rick Siskey’s wife, has told investors that she intends to place the “bulk” of any insurance proceeds following her husband’s death into an independent escrow account for investors.

Monnett said he couldn’t get the assurances he wanted from Diane Siskey’s attorneys about how assets would be preserved for investors.

“Diane Siskey has never opposed and welcomes a neutral third party to determine how to best address theses issues,” said Thomas Walker, an attorney representing her.

Researcher Maria David contributed

This story was originally published January 27, 2017 at 5:46 PM with the headline "Investors seek to push Siskey-run investment fund into bankruptcy."