HAGERSTOWN, Md. — A towering sculpture in the Maryland mountains depicting three New York City firefighters raising the U.S. flag at ground zero after the Sept. 11 attacks was financed by investor fraud, federal regulators say.
Now the 40-foot bronze statue unveiled in November 2007 at the National Emergency Training Center in Emmitsburg, Md., is for sale.
A court-appointed receiver and the sculptor, Stanley J. Watts of Kearns, Utah, say they hope to raise at least $425,000 to repay investors in Coadum Advisors Inc. — and perhaps have something left over for the artist. “I am still upside-down $150,000 on the project,” Watts said, referring to what he owes his creditors.
The Securities and Exchange Commission alleges Coadum raised $30 million in a Ponzi scheme. In a settlement last year, Coadum agreed to cease operations, pay a fine and allow the court to retrieve as much investor money as possible.
