GEABP files a $45 million Class Action complaint

GEABP, led by partner Michael Devorkin, has filed an amended Class Action complaint in the Southern District of New York on behalf of 83 named plaintiffs (in 18 states and 2 countries) to represent a class of 500-600 victims in 35 states (other than California) with estimated losses of $45 million from a 15-year Ponzi Scheme that sold the victims non-existent ATM machines, that the Schemers  then “leased back” in exchange for a “rent” payment of  $ .50 on each transaction at the purchaser’s ATM and a guaranteed return of 20% per annum.

The Firm’s Complex Business Fraud Group actively represents victims of financial or other fraud or misconduct in similar cases.

A story that appeared October 3 2017  in Law360 can be viewed here.   (note: to see the article, you must be a subscriber to Law360)