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UBS Settles Hedge Fund Suit

UBS AG avoided going to trial today by mere hours by agreeing to settle a lawsuit in which it was alleged to have peddled "crap" and "vomit" securities during the financial crisis of 2007. Connecticut hedge fund Pursuit Partners claimed that UBS sold it asset-backed securities and failed to disclose that they were about to be downgraded. Lawyers for UBS and the hedge fund announced in court yesterday that they came to terms and have resolved the suit. The Stamford-based hedge fund brought suit against UBS in 2008, alleging that it sold the fund $40.5 million of collateralized debt obligations between July and October 2007 and knew the securities were on the precipice of downfall. "UBS knew, at least as early as July 2007, based upon private communications by and between UBS and Moody's, that Moody's no longer believed that CDO notes of the type that UBS later sold to Pursuit deserved an 'investment-grade' rating," the suit alleged. To further [...]

By |September 2nd, 2015|Press Releases & News|
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GE Sues AIG For Securities Fraud, Rejects $960M Settlement

General Electric Inc.'s pension and investment funds lawsuit with American International Group Inc. is going to federal court in New York, resurrecting claims from a class action suit settled last year that AIG made misrepresentations to investors regarding the exposure of billions worth of mortgage-backed transactions, despite the housing market crashing. Between 2006 and 2009, five GE trusts lost an enormous amount of money by buying AIG stock based on optimistic forecasts made by AIG's top executives that the company was performing well, even though it knew that billions worth of credit default swaps and residential mortgage-backed securities were jeopardizing its position. The GE funds opted out of a $960 million settlement reached with investors last year to resolve claims pertaining to the credit default swap. GE’s complaint centers on American International Group Financial Products Corp. and its CEO Joseph Cassano, whom the complaint alleges was given nearly complete power over the CDS portfolio after AIG CEO Hank Greenberg resigned [...]

By |February 13th, 2015|Press Releases & News|
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Georgia, Utah Men Sentenced In Ponzi Scheme Case

The Frankowski Firm is investigating a two-man Ponzi scheme that victimized Utah investors. Martin A. Pool of Atlanta, Georgia and Armand R. Franquelin of Liberty, Utah pleaded guilty in May to fraud and money laundering charges. The two admitted that they had persuaded investors to convert traditional Individual Retirement Accounts into self-directed accounts and invest in a real estate project in Vernal, Utah by the name of Haven Estates with promised returns between eight and twenty percent. They further admitted that they had used investor funds for personal expenses and to make payments to old investors from new investor cash, a defining characteristic of what is commonly referred to as a Ponzi scheme. Pool and Franquelin, operating as the Elva Group, told investors their funds would be used to develop Haven Estates and promised to secure their loans with first lien position on property at Haven Estates. No investors ever received any collateral or any interest in real property in [...]

By |October 13th, 2014|Press Releases & News|
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Indiana Man Receives 22 Year Sentence For North Carolina Ponzi Scheme

Thomas Kimmel, who federal prosecutors have accused of operating a Washington, North Carolina Ponzi scheme aimed at rural church goers, was sentenced in federal court this week to 264 months in prison. After serving that sentence he will serve three years of supervised release. Further, he has been ordered to pay over $16.5 million in restitution. Kimmel's sentencing follows his June trial, at the conclusion of which he was found guilty of conspiracy, mail fraud, and money laundering. According to federal prosecutors, Kimmel solicited roughly $20 million, mostly from rural church-goers, for a company named Sure Line Acceptance Corporation. Kimmel advertised the company through financial conferences that he provided for local churches. He is believed to have been teaching parishioners how to use biblical principles to climb out of debt. During the conferences, Kimmel would promote what he described as risk-free investments to church members, telling them that their investments were backed by cars and purchase agreements. The investments were [...]

By |October 3rd, 2014|Press Releases & News|
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