SEC Ends Case Over Vescor Ponzi Scheme For $125M

Law360, New York (June 8, 2011, 8:54 PM EDT) -- A Utah federal judge on Wednesday approved a $125.6 million final judgment that settled the U.S. Securities and Exchange Commission's case alleging real estate company Vescor Capital Corp. ran a Ponzi scheme, though it remains to be seen whether the commission can collect.

U.S. District Judge Dee Benson issued an order giving final approval of the deal, which calls for Vescor and affiliated companies to disgorge $125.6 million in profits made from selling allegedly fraudulent notes to investors.

The order ends over three years of SEC...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities & Exchange Commission v. Vescor Capital Corp et al


Case Number

1:08-cv-00012

Court

Utah

Nature of Suit

Securities/Commodities

Judge

Dee Benson

Date Filed

February 6, 2008

Law Firms

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.