Legal News - Court-appointed receiver recovers $312 million
Legal News Home page Click here to add this website to your favorites
  rss
Bar News Search >>>
Court-appointed receiver recovers $312 million

•  Law Center     updated  2013/03/01 14:34

Hundreds of millions of dollars have been recovered so far in a massive North Carolina-based Ponzi scheme that authorities say attracted more than 1 million investors.

The case involves Rex Venture Group, which operated several online projects. The Securities and Exchange Commission froze the company's assets in August.

Court-appointed receiver Kenneth Bell has filed a document in federal court in Charlotte detailing his expenses. As of Dec. 31, Bell says he has recovered $312 million and has incurred $1.6 million in fees and services for the investigation.

The SEC says the company, operated by Paul Burks of Lexington, ran a $600 million Ponzi scam, where money from new investors is used to pay out old ones.

Burks is paying a $4 million penalty and cooperating with the SEC.


Breaking Legal News  |  Headline News  |  Law Center  |  Legal Business  |  Court News  |  Law Firm News  |  Legal Interviews |  Political and Legal
Practice Focuses  |  Legal Spotlight  |  Events & Seminars  |  Legal Marketing  |  Court Watch  |  Immigration  |  Press Releases
International  |  Politics  |  Justice Stories  |  Web Design for Law Firms  |  Celebrity Courthouse
Law Promo's specialty is law firm web site design. Law Firm Web Design by Law Promo
© The Legal News Journal. All rights reserved.