A noted New York lawyer and Ponzi scheme victim of Bernie Madoff has signed on to help victims of a New Mexico swindler fight a flurry of so-called claw-back lawsuits that seek to recapture some of the $75 million lost by 600 investors around the country, the NY Post reports.
More than 100 suits had been filed by the end of last week as the trustee for the bankruptcy case of Doug Vaughan worked to meet a deadline Wednesday for making any claims against people who may have profited from their investments in promissory notes with Vaughan and his Vaughan Company Realtors. While many of the lawsuits are against big money investors and accused insiders who made huge profits over the years with interest rates of 20 percent or more on loans to Vaughan’s real estate company, others go after much smaller investors, including one case that seeks to regain just over $4,000 in interest earnings from a $10,000 investment.
The suits claim the victims knew or should have known the rates of return were unrealistically high. While some have settled the claims, others say they are being victimized twice....
Read more: http://www.nypost.com/p/news/business/madoff_victim_helping_those_swindler_1gqqvTOGYuBiDmjJipNX7I
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