ATM Ponzi Scheme Settlement Approved

Law360, New York (December 22, 2009, 6:41 PM EST) -- A federal judge signed off on a $700,000 securities fraud settlement Tuesday between a group of investors who claimed they lost millions of dollars in a Ponzi scheme based on sales of ATMs and one of the plot's alleged leaders.

Judge Gregory A. Presnell of the U.S. District Court for the Middle District of Florida granted final class certification and approval to the deal, ruling that the settlement represented a "significantly beneficial result" for the class.

In a settlement originally finalized in May, Paul Hoffman agreed...
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