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Court-appointed receiver recovers $312 million
Securities Class Action |
2013/03/03 14:55
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Hundreds of millions of dollars have been recovered so far in a massive North Carolina-based Ponzi scheme that authorities say attracted more than 1 million investors. The case involves Rex Venture Group, which operated several online projects. The Securities and Exchange Commission froze the company's assets in August. Court-appointed receiver Kenneth Bell has filed a document in federal court in Charlotte detailing his expenses. As of Dec. 31, Bell says he has recovered $312 million and has incurred $1.6 million in fees and services for the investigation. The SEC says the company, operated by Paul Burks of Lexington, ran a $600 million Ponzi scam, where money from new investors is used to pay out old ones. Burks is paying a $4 million penalty and cooperating with the SEC. |
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SC court nixes James Brown estate settlement
Court News |
2013/02/28 23:41
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The South Carolina Supreme Court on Wednesday overturned a settlement divvying up the multi-million dollar estate of James Brown, saying a former attorney general didn't follow the late soul singer's wishes in putting together the deal.
Attorney General Henry McMaster brokered a settlement in 2009 that split Brown's estate, giving nearly half to a charitable trust, a quarter to his widow Tomi Rae Hynie and leaving the rest to be split among his adult children.
But the justices ruled the deal ignored Brown's wishes for most of his money to go to charity. The court ruled the Godfather of Soul was of sound mind when he made his will before dying of heart failure on Christmas Day 2006 at age 73.
The court sent the estate back to a lower court to be reconsidered.
The justices did agree with the lower court's decision to remove Brown's original trustees. Members of Brown's family said they wanted them gone because the trustees mismanaged the estate until it was almost broke. |
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IOC asked to probe court interference in Brazil
Topics in Legal News |
2013/02/12 10:47
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The ousted presidents of two Brazilian sports federations have filed complaints with the IOC claiming they were removed from their posts after illegal interference from local courts.
The Brazilian ice sports federation and the badminton federation claim the court rulings are a clear violation of the Olympic Charter and say it could eventually lead to a suspension of the Brazilian Olympic Committee ahead of the 2016 Games in Rio de Janeiro.
The Brazilian committee denied any wrongdoing and dismissed any threat of suspension, saying the presidents were axed because of third-party lawsuits related to alleged irregularities in their administration. It vehemently said there hasn't been government interference.
The International Olympic Committee confirmed it received the complaints but said the federations first must try to address them with the Brazilian committee and their international federations.
The local federations told The Associated Press this week that they are seeking "relief" from the IOC because they are not being helped by the Brazilian Olympic Committee. They accuse the national body of not doing enough to preserve the federations' autonomy as demanded by the Olympic Charter. They allege the committee has been working against the local federations and even took part in a lawsuit against one of them |
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Seegel Lipshutz & Wilchins
Legal Focuses |
2013/02/05 07:20
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Wilchins Cosentino & Friend LLP, formerly associated as Seegel Lipshutz & Wilchins, is committed to providing the best possible legal experience available. Wilchins Cosentino & Friend LLP is organized into six major practice areas – Private Client, Litigation, Family Law, Real Estate, Corporate and Financial Services Litigation. Within those practice areas, we offer a wide range of services that help our clients reach their business and personal goals.
Our attorneys are dedicated to providing sophisticated legal services to our clients promptly, efficiently and economically. We serve a wide spectrum of clients, including major corporations, financial institutions, individual entrepreneurs, closely held private companies, not-for-profit corporations, families and individuals. We strive to learn as much as possible about each client’s business and the industry in which each client operates.
Stephen N. Wilchins
Michael B. Cosentino
Sheara F. Friend
William A. DeVasher, Jr.
Sherman H. Starr, Jr.
John P. Feeney
Susan Donaldson Novins
Danielle Harris-Baker
Steven M. Schiavo
Laurin D. Johnson
Eric B. Brenman
James E. Grumbach |
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Pakistan court summons anti-corruption boss
Headline Legal News |
2013/02/01 15:21
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Pakistan's top court has summoned the government's anti-corruption chief over a letter he wrote criticizing the tribunal's judges.
Chief Justice Iftikhar Chaudhry on Thursday issued a court order for the anti-corruption chief, Fasih Bokhari, to appear before the tribunal on February 4.
Bokhari has been ordered to explain a letter he wrote earlier this week to President Asif Ali Zardari, accusing Supreme Court judges of trying to influence upcoming parliamentary elections.
Chaudhry says the letter amounted to interference in court matters and was an effort to incite against the judiciary.
The development is an indication Bokhari could be charged with contempt of court.
Bokhari's clash with the judiciary stems from his refusal in mid-January to arrest the prime minister over a corruption case involving kickbacks allegedly taken by the premier. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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