PORTLAND, Ore. (CN) – A court-appointed receiver sued 10 people and businesses, seeking money they allegedly received from a $45 million securities scam. The defendants allegedly took cash transfers from Global Online Direct, whose owners are serving 6 years in prison for money laundering.
Former Global principals Bryant Behrmann and Larry Hunter made $45 million by selling unregistered securities to more than 8,000 investors, according to the SEC. They promised 1,100 percent annual returns, but had no business plan and did not keep financial records.
They pleaded guilty to money laundering in August and were fined $38.8 million.
The receiver claims Global transferred at least $5.6 million to the defendants in this case.
Receiver Michael Grassmueck sued Stephen Bishop, Russell Devan, Success By Design Inc., Lawrence Madoff, Ingrid Botero, Murro Partners, Yada Schneider, Bioauthorize Inc., Hassayampa Landscaping & Materials Company Inc. and Members Only Financial Inc.
(Although Bernard Madoff’s middle name is Lawrence, this defendant Lawrence Madoff apparently is a different guy, and lives in Nevada, according to the complaint.)
Grassmueck is represented by Julie Vacura with Larkins Vacura.