Nine law firms face $500 million in damages arising from the alleged aiding and abetting of a large securities scam. The scam was perpetrated by a now defunct, relatively well-publicized real estate investment firm (“Investment Firm”) that operated a Ponzi scheme targeting the retirement benefits of the elderly.
The man responsible for the scheme pled guilty to a 25-year sentence in late 2019. Now, through its bankruptcy trustee, the Investment Firm is reportedly suing its attorneys and claiming that they knowingly assisted in the fraud. …Continue Reading