EHC Aspen Properties, LLC v. CCUR Holdings, Inc., et al. was filed in the Superior Court of California for Orange County on March 15, 2021, asserting that the Defendants coerced Plaintiff into investing in an aircraft financing Ponzi scheme.

Plaintiff is limited liability company in California managed by Luis Serrano.  The defendants are three entities—CCUR Holdings, Inc., CCUR Aviation Finance, LLC, and JDS1, LLC—and an individual, Igor Volshteyn.

The complaint alleges that the Defendants collectively coerced Plaintiff into investing in the financing process of procuring an aircraft.  Defendants were not themselves the alleged Ponzi schemers, but Plaintiff contends Defendants’ marketing and advertisement of the scheme and due diligence failures should result in liability for the millions ultimately lost in the failed aircraft procurement.  The schemers, now defendants in criminal proceedings, are not parties to this action filed by Plaintiff.

Plaintiff asserts claims for breach of fiduciary duty, professional negligence, and professional malpractice under California statute as purported investment advisors, as well as fraud, negligent misrepresentation, a violation of the federal Investment Advisers Act, and violations of the California Corporations Code for acting as unlicensed investment advisers and unlawfully selling the said investment to Plaintiff.  Plaintiff seeks rescission of his $3,700,000 investment, along with compensatory, consequential, out-of-pocket, special, punitive, exemplary, and treble damages.  Plaintiff additionally requests disgorgement of ill-gotten gains, attorneys’ fees and costs, and a constructive trust.  Notably, Plaintiff requests his “benefit of the bargain,” meaning he requests not only the return of his investment but also the promised interest on his investment.