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Court won't hear restitution claim in Ponzi case
Court News |
2011/06/13 20:27
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The Supreme Court has rejected an appeal from investment funds seeking repayment of their losses in a $3.7 billion Ponzi scheme operated by Minnesota businessman Thomas Petters.
The funds together lost $165 million and challenged a federal judge's order denying restitution to any of Petters' victims. Among other things, the court said the victims would have other ways of recouping some of their money.
The justices on Monday refused to disturb the ruling.
A federal law generally requires a court to order restitution as part of a defendant's sentence, but allows for some exceptions. The judge in this case said that restitution would be too complex, take too long and result in the payment of less than a penny for each dollar victims lost.
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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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