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New trial in Ponzi scheme involving fake CDs

PHILADELPHIA — The Pennsylvania Supreme Court ordered a new trial of the trust company that allegedly aided and abetted the broker who sold millions of dollars of fake certificates of deposit in a Ponzi scheme orchestrated from the late 1990s until 2001. Aiding and abetting fraud is a cognizable claim under Pennsylvania law, but the required state of mind is actual knowledge of the fraud, so a new trial is warranted.

Read the ruling here.

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