PNC Abetted $75M 'Ponzi-Like' Scheme, Investment Cos. Say

By Hailey Konnath (February 12, 2020, 9:27 PM EST) -- Two investment companies and a Pennsylvania man on Wednesday hit PNC Bank and Heartland Bank & Trust with a proposed class action accusing the banks of aiding and abetting a $75 million Ponzi scheme in which an Illinois man allegedly took money from more than 500 investors.

The investors' suit comes less than a week after prosecutors charged Kenneth Courtright, 59, with fraud stemming from the purported scheme. Prosecutors claim that Courtright told investors that they would make money through his business, Today's Growth Consultant Inc., which built and acquired websites. In reality, he was paying early investors with money made...

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