Securities and Exchange Commission v. PLCMGMT LLC et al
Case Number:
2:16-cv-02594
Court:
Nature of Suit:
Judge:
Firms
Government Agencies
Sectors & Industries:
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December 08, 2017
Atty To Shell Out $11.7M For Class-Action Finance Fraud
A California federal judge on Thursday signed off on a tax lawyer's $11.7 million disgorgement agreement for a scheme in which he raised money from investors to finance class actions, while not disclosing the risks of the suits and using many of the proceeds for personal use and to make Ponzi-like payments to earlier investors.
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April 15, 2016
Tax Atty, Ex-Partner Hit With SEC Suit Over Litigation Fund
Securities regulators hit a tax lawyer, his litigation-funding and marketing business, and his former business partner Friday with a suit in California federal court alleging they raised $11.7 million from 250 investors to finance class actions but instead used the booty to pay personal income taxes, buy a condo and make Ponzi payments to backers.