Financial Services Co. Funneled Millions To Execs' Kin: Suit

Law360, Los Angeles (May 22, 2013, 4:42 PM EDT) -- A venture capital firm filed a securities fraud lawsuit Monday in New York federal court against The Cash Store Financial Services Inc. claiming that CSFS overstated its assets by $44 million and belatedly disclosed that it improperly funneled millions of dollars to its executives' relatives.

New York-based Globis Capital Partners LP, which owns CSFS stock, alleges in its complaint that the Edmonton, Canada-based CSFS misstated the value of $116 million worth of loans as well as intangible assets it purchased in January 2012. The corrections caused...
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Case Information

Case Title

Globis Capital Partners, L.P. v. The Cash Store Financial Services Inc. et al

Case Number



New York Southern

Nature of Suit



Victor Marrero

Date Filed

May 20, 2013


Government Agencies

UK Financial Services

UK Financial Services

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