Judge Orders Shell Bank Exec To Pay $80M

Law360 (November 13, 2008, 12:00 AM EST) -- A federal judge has awarded nearly $80 million to the bankruptcy estate for Florida investment company Sentinel Funds Inc. in a judgment against a former principal in an allegedly fraudulent banking company, IBC Holdings Corp.

Judge William P. Dimitrouleas of the U.S. District Court for the Southern District of Florida issued a default judgment Thursday against Sigmond Schnitzler, a principal in an international bank that allegedly absconded with about $20 million of the investors’ funds, according to court documents.

The judgment included $19.7 million lost in...
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