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Real Estate Ponzi Scheme Alleged

SALT LAKE CITY (CN) - Lew S. McGinnis and Macco Properties participated in the Madison Real Estate Group's Ponzi scheme, buying and selling two Oklahoma apartment complexes "with actual intent to hinder, delay or defraud," Madison's court-appointed receiver claims in Federal Court. The apartment complexes are called Sunnyview and Overlake.

The complaint states: "Madison Real Estate Group, LLC ('Madison') was operated as a Ponzi scheme. Its principals, Richard Higgins ('Higgins'), Brandon Higgins ('Brandon') and Allan Christensen ('Christensen'), bought and sold more than twenty apartment complexes in Oklahoma and Texas as part of the scheme. This case involves Madison's purchase of the Sunnyview Apartments in Oklahoma City, Oklahoma ('Sunnyview') and the Overlake Apartments in Bethany, Oklahoma ('Overlake'). Transfers made by Madison in connection with its purchase of both Sunnyview and Overlake were made with actual intent to hinder, delay or defraud, and were made from an insolvent entity."

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