Sunday, 24 May 2015
Last updated 1 day ago
Apr 10 2013 | 10:26am ET
Wells Fargo will have to defend itself against a slimmed-down lawsuit filed by the court-appointed receiver in the Arthur Nadel hedge fund fraud case.
A federal judge in Florida dismissed four of Burton Wiand's claims against the bank, which he says was "essential" to Nadel's $168 million Ponzi scheme. But U.S. District Judge James Whittemore allowed claims of fraudulent transfer and unjust enrichment to proceed.
Wiand is seeking $60 million from Wells on those claims. He had been seeking up to $168 million.
Whittemore, however, dismissed Wiand's allegation that Wachovia, which Wells acquired just before Nadel's scam collapsed, had "actual knowledge" of the fraud.
Wiand alleges that Wachovia allowed Nadel to set up shadow bank accounts for a decade, allowing him to siphon funds into his own accounts or those of his alleged partners.
Nadel pleaded guilty to fraud in 2011 and died in prison a year ago.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…