Morgan Peabody Auditor, Investors Resolve Ponzi Suit

Law360, New York (June 24, 2011, 4:43 PM EDT) -- A California state judge approved a settlement Friday between the remaining defendant in a class action and investors alleging they were bilked into buying unregistered, unqualified securities in a Morgan Peabody Inc. subsidiary in what amounted to a Ponzi scheme.

California Superior Court Judge Elihu Berle granted preliminary approval to a class settlement in a case against Brian Anson, an auditor for Morgan Peabody who allegedly trumped up false financial statements used to lure investors into one of three offerings of securities in WFG Holdings Inc....
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