Ex-Acorn CFO Can't Skirt Suit Over Petters' Ponzi Fraud

Law360, New York (March 21, 2012, 5:09 PM EDT) -- A Connecticut federal judge on Monday refused to let Acorn Capital Group LLC or its former financial adviser off the hook in a putative shareholder class action that implicates them in Thomas J. Petters’ multibillion-dollar Ponzi scheme.

The proposed action was brought by investor Poptech LP. In his order, U.S. District Judge Mark R. Kravitz said the plaintiffs had sufficiently pled their allegations that the defendants should have been aware of the fraudulent activity surrounding their issuance of millions in loans to Petters’ PAC Funding LLC....
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Case Information

Case Title

Poptech, L.P. v. Stewardship Investment Advisors, LLC et al


Case Number

3:10-cv-00967

Court

Connecticut

Nature of Suit

Securities/Commodities

Judge

Stefan R. Underhill

Date Filed

June 18, 2010

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