August 22, 2016 / 10:26 PM / 2 years ago

Medical Capital Ponzi scheme case ends with $432 mln recovered

A federal judge has approved a final judgment against defunct Medical Capital Holdings, ending a 2009 Securities and Exchange Commission lawsuit accusing the medical financing company of running a nearly $1 billion Ponzi scheme.

Signed by U.S. District Judge David Carter in Santa Ana, California, on Friday, the judgment includes a largely symbolic $831 million disgorgement, which the court considered satisfied by earlier payouts to defrauded investors in the civil case.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2bJGseD

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