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$8M Deal Over BofA Ponzi Scheme Approved After Delay

Law360, Los Angeles (April 24, 2014, 5:26 PM EDT) -- Bank of America Corp. won approval Thursday of its $8.2 million settlement of a class action alleging it facilitated a $20 million real estate investment Ponzi scheme, when a California federal judge said the concerns about incentive awards that led him to delay approval were resolved.

The settlement resolves the claims of more than 400 class members who were allegedly victims of convicted con man Juan Rangel and his Financial Plus Investments Inc. company. The class action, which was filed in June 2011, alleged a BofA branch manager, Dony Gonzalez, accepted bribes from Rangel in return for laundering $1 million in...

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Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only


California Central

Nature of Suit

Other Fraud


Subscribers Only

Date Filed

July 28, 2011

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