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TD Bank Rehearing On $67M Ponzi Scheme Verdict Denied

The United States Court of Appeals for the 11th Circuit denied a petition yesterday from TD Bank NA to take a second look at a ruling that investors in Scott Rothstein's $1.2 billion Ponzi scheme had standing to win a $67 million verdict against the bank. In the court's order, a three-judge panel decided not to rehear the case and stated that no active judge asked for an en banc rehearing regarding the bank's assertion that plaintiff Coquina Investments LLC did not have standing on account that it did not suffer personal injury. Coquina's attorney was certainly pleased with the decision and is confident about the outcome of the case, stating, "We are of course pleased that the case is one step closer to resolution. The fact that not a single judge on the court was interested in granting TD's rehearing petition certainly reflects the lack of merit of the bank's arguments. Eventually, TD will have to pay the piper." [...]

By |October 2nd, 2014|Press Releases & News|
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Former Alabama Attorney Indicted On Violations Of Alabama Securities Act

Former Dothan, Alabama attorney, Frederick Mitchell McNab was arrested earlier this month by Houston County Sheriff's deputies. He was released on $310,000 bond and the surrendering of his passport. The arrest followed on the heels of a Houston County Grand Jury indictment charging McNab with thirty-one counts of alleged violations of the Alabama Securities Act. Those charges include sale of securities by an unregistered investment adviser for compensation and numerous counts of sales of unregistered securities. These charges were designated as Class C Felonies at the time they were allegedly committed, punishable for one year and a day to ten years of imprisonment and up to a $15,000 fine per charge if convicted. McNab is also facing twelve counts of securities fraud by making untrue statements of material facts or omitting to state material facts in connection with the offer purchase or sale of a security; five counts of securities fraud by engaging in an act, practice or course of [...]

By |September 30th, 2014|Press Releases & News|
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Mississippi Woman Accused Of Operating Gigantic Ponzi Scheme

Gina Palasini was arrested last month in Palm Springs, California as the list of people who claim they lost money by unknowingly participating in a Ponzi scheme operated by the Mississippi fugitive continues to grow. Palasini will be extradited to Mississippi on felony charges for bad checks and then sent to Wayne County for sentencing on a felony false pretense charge to which she pleaded guilty in December 2013. She had been out on a court order to reimburse her victims, but she failed to do so. While it is unknown exactly who many victims were involved, sources indicate that the number is well over a dozen. Many know now that they are victims, while others still do not. The U.S. Postal Inspection Service has been on her case for years, monitoring money come in and out of her bank accounts to build a fraud case against her. Palasini had run a number of businesses purporting to assist senior citizens [...]

By |September 26th, 2014|Press Releases & News|
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Texas Judge Awards $40.7 In Bitcoin Ponzi Scheme Case

Last week, U.S. Magistrate Judge Amos Mazzant, a federal judge in Texas, ordered Bitcoin Savings and Trust and its owner, Trendon Shavers, to pay $40.7 million after the SEC proved that the company, which sold investments using bitcoins, was in reality a Ponzi scheme. According to Mazzant, Shavers "knowingly and intentionally" used the company "as a sham and a Ponzi scheme." Shavers mislead investors regarding the use of their bitcoins, the methods he would use to acquire promised returns, and the safety of their investments. According to the SEC, Shavers used the online name "pirateat40" to acquire more then 732,000 bitcoins between February 2011 and August 2012, guaranteeing investors up to seven percent weekly interest to be paid based on his ability to trade bitcoins. Shavers, however, actually used new bitcoins to pay back previous investors, moved some of the bitcoins to his personal accounts at the now-defunct Mt. Gox exchange among other places, and used the rest to pay [...]

By |September 22nd, 2014|Press Releases & News|
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