Federal Employees Sue US For $120M Over Ponzi Scheme

Law360, Miami (February 22, 2013, 6:13 PM EST) -- Investors who lost money in a Ponzi scheme that victimized federal employees filed a $120 million suit Tuesday in Florida against the U.S. government, claiming it failed to detect the plot and allowed the alleged fraudster to give presentations at federal agency-sponsored retirement planning seminars.

A group of 93 investors who say they were swindled by Kenneth Wayne McLeod accused the government of negligence and breaching its fiduciary duty to its employees by failing to conduct any investigation into McLeod's Federal Employee Benefits Group Inc. bond...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.