Building Co. Hit With Sanctions In $33M Fraud Case

Law360, New York (July 27, 2011, 5:28 PM EDT) -- An Arizona federal judge refused to grant Summit Builders Construction Co. a new trial and awarded sanctions in a case accusing several law firms, accountants and trust funds of violating securities laws by making nearly $33 million in fraudulent transfers in connection with a failed real estate project.

Summit had moved for a new trial or to vacate U.S. District Judge Mary Murguia's award of attorneys' fees as a form of sanctions against it for filing a meritless action, but the judge denied that motion and...
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