Victims Of GeoStar Mare-Leasing Scheme Awarded $65M

Law360, New York (October 3, 2011, 11:14 PM EDT) -- A Kentucky federal judge on Friday awarded $65 million to GeoStar Corp. investors who claim the company and its executives scammed them out of millions of dollars through a mare-leasing scheme.

In 2001, David and Spencer Plummer, the heads of GeoStar, launched the mare-leasing scheme as way to generate more cash and pump up the value of GeoStar's stock. ClassicStar LLC, a company owned by GeoStar, offered wealthy individuals tax shelters through the leasing of thoroughbred mares and sale of the foals.

“From the beginning, ClassicStar...
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