Fla. Cos., Execs To Pay $115M In Fraud Suit

Law360, New York (October 1, 2010, 7:03 PM EDT) -- A judge has ordered two Florida companies and their executives to shell out more than $115 million in damages for allegedly hitting thousands of investors with large, undisclosed fees and commissions on the sale of mutual funds.

Judge Jose Martinez of the U.S. District Court for the Southern District of Florida ruled Thursday that the U.S. Pension Trust Corp. and the U.S. College Trust Corp. would pay $112.6 million for the alleged fraud, while the companies’ three owners -- Iliana Maceiras, Leonardo Maceiras Jr., and Nildo...
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