6th Circ. Upholds $65M Award In Horse-Lease Fraud

Law360, New York (July 18, 2013, 6:56 PM EDT) -- The Sixth Circuit on Thursday upheld a $65 million judgment against GeoStar Corp., finding that the company knew of the fraudulent nature of a thoroughbred mare-leasing scheme and that the leasing program was intentionally oversold to unsuspecting investors.

The decision is a victory for plaintiffs Arbor Farms LLC, Jaswinder Grover, Monica Grover, MacDonald Stables LLC, Nelson Breeders LLC and West Hills Farms LLC, who invested $90 million in the program based on bogus information from the companies, according to court documents.

GeoStar Corp. and its subsidiary,...
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