Chang, et. al. v. Interactive Brokers LLC (“IB”) was filed in the Northern District of California on August 2, 2021. The Complaint seeks civil damages for claims of aiding and abetting fraud, aiding and abetting breach of fiduciary duty, and violation of California Business and Professions Code.
Financial
New Complaint – Sedlar-Sholty, et al. v. Acclivity West, LLC, et al.
Sedlar-Sholty, et al. v. Acclivity West, LLC, et al. was filed in the Superior Court of the State of California, County of Los Angeles on July 19, 2021 seeking damages for negligence, breach of fiduciary duty, and negligent and intentional misrepresentation in connection with a life settlement investment Ponzi scheme.
Plaintiffs are numerous individual and…
New Complaint – Ballard v. NTB Financial Corporation
Ballard v. NTB Financial Corporation was filed in the Arapahoe County District Court on July 7, 2021, claiming that Defendants conspired with Financial Visions, Inc. (“FV”) and its principal, Dan Rudden (“Rudden”), to induce investors into purchasing unregistered securities in violation of antifraud provisions of the Colorado Securities Act.
Plaintiffs are individuals and a business…
New Complaint – Morrison v. Rockwell
Morrison, et al. v. Rockwell, et al. was filed in California Superior Court, Marin County, on May 28, 2021. The complaint seeks civil damages for claims of breach of fiduciary duty, multiple violations of the California Corporations Code, constructive fraud, breach of contract, and negligence.
Plaintiffs are a group of investors who used Defendants as…
Bank Regulators Propose Interagency Guidance on Fintech Partnerships
On July 12, 2021, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) proposed interagency guidance on how banks should manage third-party relationships, including partnerships with fintech companies. The proposal would offer a framework for banks when developing…
Minnesota Court Untangles Who Owns What Claim in the Fallout of a Ponzi Scheme
The collapse of a Ponzi scheme usually follows a familiar pattern. When the scheme is exposed, the company created by the schemer—which is usually little more than a sham entity—is placed into receivership or declares bankruptcy (or both). A receiver or bankruptcy trustee is then tasked with recovering any funds belonging to the estate so…
New Complaint – Abidog v. New York Life Insurance Co.
Abidog v. New York Life Insurance Co. was filed in the Superior Court of the State of California on June 18, 2021, seeking damages and rescission of unregistered promissory notes sold in a Ponzi scheme that deprived elderly and other unwitting investors of their life savings. The fifteen-count complaint alleges violations of California statutory and…
New Complaint – SEC v. The Estate of Kenneth J. Casey
SEC v. The Estate of Kenneth J. Casey is a case filed by the SEC in the United States District Court for the Northern District of California on June 2, 2021, claiming that Kenneth Casey (“Casey”), the founder of Professional Financial Investors, Inc. (“PFI”), a real estate investment and management company, personally misappropriated over $10…
New Complaint – Wiand as Receiver for Oasis International Group, Limited, et al. v. ATC Brokers Ltd, et al.
Wiand v. ATC Brokers Ltd, et al. was filed in U.S. District Court for the Middle District of Florida, on May 28, 2021. The complaint was filed by a Receiver appointed in an action brought by the Commodity Futures Trade Commission (the “CFTC”) alleging the operation of a Ponzi scheme. The complaint alleges (1) aiding…
New Complaint – Whitmore v. Horwitz
Whitmore v. Horwitz was filed in the Central District of California on April 20, 2021, seeking class certification and unspecified civil damages. The complaint alleges fraud by omission, aiding and abetting fraud, breach of fiduciary duty, and aiding and abetting breach of fiduciary duty.
Plaintiffs are a group of investors seeking to represent a class…