Kay Services Hit With $3.8M Judgment In Ponzi Case

Law360, New York (February 23, 2010, 4:44 PM EST) -- A federal judge has smacked Kay Services LLC with a $3.8 million default judgment in a case in which the U.S. Securities and Exchange Commission accused the company and its incarcerated owner of running a $10 million Ponzi scheme that preyed on members of the Rev. Sun Myung Moon's Family Federation for World Peace and Unification.

On Feb. 17 Judge Susan D. Wigenton of the U.S. District Court for the District of New Jersey signed off on a default judgment calling on Kay Services to cough...
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