Bogus Transfer Claim Settled In $10M Securities Fraud Case

Law360, Houston (July 23, 2013, 8:54 PM EDT) -- A Texas federal judge on Tuesday signed off on a $50,000 settlement between the receiver of Kaleta Capital Management Inc. and an investment firm that acquired through an allegedly sham transaction a company involved in a $10 million fraudulent securities offering orchestrated by Kaleta.

Over the objection of investors who described the settlement figure as too low, U.S. District Judge Nancy Atlas upheld the deal between Barrington Financial Advisors Inc. and its founder William C. Heath and Kaleta Capital receiver Thomas L. Taylor III, saying that...
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