Ponzi Referrals

Although a man who referred investors to a Ponzi scheme acted in good faith because he was also an investor in the scheme and believed it was legitimate, the Ninth Circuit <a href="https://webservices.courthousenews.com/sites/Data/AppellateOpinionUploads/2018-25-12--01-23-49%2017-56290.pdf"><strong>agreed</strong></a> California law requires him to fork over his referral fees to the Securities and Exchange Commission receiver.

PASADENA, Calif. – Although a man who referred investors to a Ponzi scheme acted in good faith because he was also an investor in the scheme and believed it was legitimate, the Ninth Circuit agreed California law requires him to fork over his referral fees to the Securities and Exchange Commission receiver.

Categories / Appeals, Financial, Securities

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