Exec Dodges Contempt Order In $25M Ponzi Case

Law360, New York (April 27, 2009, 12:00 AM EDT) -- James G. Ossie, who stands accused of masterminding a $25 million Ponzi scheme through his CRE Capital Corp. investment firm, narrowly escaped an order of civil contempt on Monday, after he apparently violated a court order freezing his assets.

Judge Richard W. Story of the U.S. District Court for the Northern District of Georgia found that, although Ossie had violated the order, “there is no need for further action on this violation.”

Two weeks after the judge issued an order freezing Ossie’s assets, the defendant sold...
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