Receiver Nets $3.8M From Fla. Ponzi Players

Law360, New York (September 12, 2011, 7:22 PM EDT) -- The receiver tasked with recovering funds for victims of a $28 million Ponzi scheme operated by a Florida investment adviser inked $3.8 million in settlements on Monday with the firm’s leaders and cohorts that allegedly pocketed investor funds.

The court signed off on receiver Jeffrey Schneider’s settlements with four defendants, including Philip Milton and William Center, the heads of Trade-LLC and alleged masterminds of a Ponzi scheme that raised $28 million from investor clubs only to squander and pilfer the funds.

The receiver filed suit to...
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Case Information

Case Title

Schneider v. Milton et al


Case Number

0:10-cv-61401

Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

Daniel T. K. Hurley

Date Filed

August 5, 2010

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