Approval Sought For ATM Ponzi Scheme Settlement

Law360, New York (August 13, 2009, 1:55 PM EDT) -- A group of investors who claim to have lost millions of dollars in an investment scheme centered around sales of automated teller machines has asked a federal judge to approve a $700,000 settlement with one of the alleged leaders of the plot.

In a motion for preliminary approval of the settlement filed Wednesday in the U.S. District Court for the Middle District of Florida, the plaintiffs said that Paul Hoffman had agreed to pay $700,000 to around 300 investors who claim they were scammed out of...
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