Brokers, Traders On Hook In $70M Texas Ponzi Scheme

Law360, New York (April 13, 2011, 2:51 PM EDT) -- A Texas federal judge on Wednesday allowed aiding and abetting claims to move forward against two trading companies and brokers who allegedly helped a Texas man operate a $70 million Ponzi scheme.

Judge Michael H. Schneider of the U.S. District Court for the Eastern District of Texas issued a one-page ruling denying SLI Trade LLC and Rosenthal Collins Group LLC's motions to dismiss aiding and abetting claims filed by individual investors in a commodity pool scheme.

Plaintiffs' counsel Louis F. Burke declined to comment. Counsel for...
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Case Information

Case Title

Carey et al v. Hudgins et al


Case Number

6:08-cv-00344

Court

Texas Eastern

Nature of Suit

Securities/Commodities

Judge

Michael H. Schneider

Date Filed

August 28, 2008

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