Investment Fraudsters Must Pay $115M: 11th Circ.

Law360, New York (October 27, 2011, 4:03 PM EDT) -- The Eleventh Circuit on Wednesday upheld a district court's decision ordering two Florida investment firms and their executives to pay more than $115 million for allegedly hitting thousands of investors with large, undisclosed fees and commissions on the sale of mutual funds.

The punishment includes disgorgement and fines. U.S. Pension Trust Corp. and U.S. College Trust Corp. and their owners Iliana Maceiras, Leonardo Maceiras Jr. and Nildo Verdeja took issue with the lower court's finding of scienter, claiming the disgorgement of their salaries was improper, according...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.