Quarles Must Face Claims It Aided $200M Securities Fraud
Law360, New York (March 19, 2012, 10:34 PM EDT) -- Quarles & Brady LLP must face allegations it aided and abetted a $200 million securities fraud that allegedly bankrupted Mortgages Ltd., an Arizona federal judge ruled in an investor class action Friday, also dismissing one claim against Greenberg Traurig LLP.
Aggrieved investors in a company called Radical Bunny LLC contend the company sold unregistered securities to fund Mortgages' operations and falsely claimed loans it made to the mort were backed by collateral. Mortgages allegedly sold its own stock and separately raised millions through Radical Bunny's securities sales, U.S. District Judge Frederick J. Martone wrote in his order.
The investors claim Quarles...
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