USA Commercial Trust To Get $5.5M From Contractor

Law360, New York (June 28, 2010, 6:38 PM EDT) -- A contractor who purportedly received millions of dollars in illegal transfers from two insiders at USA Commercial Mortgage Co. has agreed to pay $5.5 million to the trust charged with liquidating the fraud-ridden mortgage company's remaining assets.

Judge Robert C. Jones of the U.S. District Court for the District of Nevada signed off on the agreed judgment Wednesday.

Under the terms of the settlement, the contracting company, Monaco Diversified Corp., and owners Anthony and Susan Monaco will pay the trust $5.5 million, plus post-judgment interest, in...
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