'Rapacious' Businessman Ran $2M Scam, Trust Claims
Law360 (April 10, 2020, 3:06 PM EDT) -- A revocable trust on Thursday claimed in a complaint in Illinois federal court that a 'rapacious,' self-styled entrepreneur defrauded it out of $2 million and embezzled at least hundreds of thousands of that money, which was supposed to be used for digital currency trading.
The James Streibich Revocable Trust of 2002 brought the suit on behalf of Folding Light LLC, a purported trader of cryptocurrency and other securities, asking for injunctive relief, damages and the appointment of a receiver in the matter.
The trust claimed that Brock H. Flagstad, using an arsenal of limited liability companies, plotted to defraud the Streibich...
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