SEC Wins $328M Ponzi Judgment Against Credit Bancorp

Law360, New York (February 3, 2012, 9:15 PM EST) -- A New York federal judge on Friday ordered Credit Bancorp Ltd. to pay $328 million in disgorgement and prejudgment interest in the U.S. Securities and Exchange Commission's case over a Ponzi scheme that brought down the bank.

The penalty assessed by U.S. District Judge Robert W. Sweet — $218,068,241 in disgorgement of profits made in the scheme and $110,596,496 in prejudgment interest — comes on top of $56 million already assessed against Credit Bancorp's CEO Richard J. Blech and former executive Thomas Rittweger.

Blech, who also...
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Case Information

Case Title

S.E.C. v. Credit Bancorp, Ltd., et al

Case Number



New York Southern

Nature of Suit



Robert W. Sweet

Date Filed

November 16, 1999

Government Agencies

UK Financial Services

UK Financial Services

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