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Banks and Brokerage firms can be liable for aiding and abetting ponzi schemes

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By Scott L. Starr Ponzi schemers rarely have the ability to carry out their nefarious conduct alone; instead, they need the assistance of brokers and banks to handle a variety of financial transactions.  Under some circumstances, these banks and brokerage firms may ultimately be found liable for aiding and abetting the Ponzi scheme. By way of example, Starr Austen & Miller a few years back represented a large group of Ohio investors who had invested in excess of $30 million with a local insurance salesman who was operating a Ponzi scheme. The Ponzi schemer ran all of the transactions through his brokerage...

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Lowell, Indiana man strikes plea deal in ponzi-like investment scheme, records show

A Lowell, Indiana, man accused of bilking more than 25 people out of millions in a crooked investment scheme has entered a guilty plea in U.S. District Court, to avoid taking the case to trial, records show.

By Lauren Cross of NWItimes.com A Lowell, Indiana, man accused of bilking more than 25 people out of millions in a crooked investment scheme has entered a guilty plea in U.S. District Court, to avoid taking the case to trial, records show. Richard E. Gearhart, 69, faces up to five years in prison, three years of supervised release and a $250,000 fine, records show. If the agreement is accepted by a judge, he will also be ordered to pay restitution to his victims, though the final amount has yet to be determined. Records do not indicate if his co-defendant, George R. McKown, 66, of...

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