Fox Rothschild, DLA Accused Of Letting Ponzi Scheme Fester

Law360 (September 28, 2020, 7:08 PM EDT) -- The receiver appointed to represent investors in a Florida real estate company facing allegations of operating as a $170 million Ponzi scheme sued a DLA Piper attorney, his firm and Fox Rothschild LLP in California federal court on Monday over their purported roles in the scheme.

Receiver Burton Wiand contends that Paul Wassgren was either "grossly negligent" or a knowing participant in the illegal sale of securities offered by EquiAlt LLC, a firm sued by the U.S. Securities and Exchange Commission in February for allegedly operating as a massive Ponzi scheme, according to Monday's complaint in the Central District of California....

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