Briggs and Morgan Wins Ponzi Scheme CasePrint PDFShare
MINNEAPOLIS, MINN. (April 7, 2011) – A federal judge in the U.S. District Court, Eastern District of Michigan threw out a securities fraud class action lawsuit that tried to hold a Briggs and Morgan, P.A. broker-dealer client accountable for a $350 million Ponzi scheme that allegedly involved one of its former brokers. Asserting 15 causes of action against the company, plaintiffs claimed that the former broker sold them interests in phony limited liability companies that were supposedly investing in telecommunications companies. The Court granted the motion and dismissed all claims against Briggs’ client with prejudice.
“We are very pleased with our client’s exoneration. In this day and age, it is very difficult to obtain a dismissal of a class action Ponzi scheme case. Our client is very pleased,” says Frank Taylor, lead counsel from Briggs and Morgan. In addition to Taylor, Briggs’ attorneys Margaret Goetze and Daniel Supalla represented the Briggs’ client.