Bank Of America Hit With Proposed Ponzi Scheme Class Suit

Law360 (June 27, 2018, 6:18 PM EDT) -- Investors have slapped Bank of America with a proposed class action accusing the banking giant of knowingly helping five investment advisers perpetuate a $102 million Ponzi scheme by allowing them to transfer the funds through the bank.

Following on the heels of a government enforcement action, Mary Beth Heinert and Richard R. Schultz Jr. filed the suit in Florida federal court on behalf of 637 investors from whom Perry Santillo, Christopher Parris, Paul Anthony LaRocco, John Piccarreto and Thomas Brenner allegedly stole millions starting in 2011.

The investors claim the five used their status as members of their communities to persuade...

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Florida Middle

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Other Fraud

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June 25, 2018

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