Notable litigation filed in October 2024 includes: (1) Jolley v. WCM Global Wealth, LLC, et al., No. 2024CP2306268 (S.C. Com. Pl.); (2) Vazquez, et al., v. Inventis Ventures Holding, Inc., et al., No. 2024-01436108 (Cal. Super. Ct.); and (3) Jaramillo v. AM Transport Group LLC, et al., No. 2024-020463-CA-01 (Fla. Cir. Ct.).
Jolley v. WCM Global Wealth, LLC, et al., No. 2024CP2306268 (S.C. Ct. Com. Pl.)
Purported investors in an alleged Ponzi scheme filed suit in South Carolina state court against defendant schemers and their inter-related companies for over $3 million in losses arising from an alleged Ponzi scheme that purported to yield 15% or greater returns from investments into various companies. The victims allege that defendant schemers lured them in with false portrayals of Christian values, claiming the investments could preserve capital and realize an appropriate return on their portfolio. However, the complaint alleges the investments were merely illiquid, unsecured loans, and equity positions on companies that had no prospect of retuning a profit.
Accordingly, plaintiffs brought suit for (1) breach of fiduciary duty, (2) aiding and abetting breach of fiduciary duty, (3) violation of the South Carolina Uniform Securities Act of 2005, (4) violation of the Alaska Securities Act, (5) violation of the South Carolina Unfair Trade Practices Act, (6) violation of the Alaska Unfair Trade Practices and Consumer Protection Act, (7) fraud in the inducement, actual fraud, and constructive fraud, (8) fraudulent concealment, (9) negligent misrepresentation, (10) conversion, (11) civil conspiracy, (12) breach of contract, (13) breach of contract accompanied by a fraudulent act, (14) quantum meruit/unjust enrichment/quasi contract, (15) resulting/constructive trust and (16) alter ego. Plaintiffs seek actual damages, disgorgement of fees, consequential damages, punitive damages, rescission, statutory damages, treble damages, prejudgment interest, and attorney's fees.
Vazquez, et al., v. Inventis Ventures Holding, Inc., et al., No. 2024-01436108 (Cal. Super. Ct.)
A group of victims in an alleged Ponzi scheme filed suit in California state court against defendant schemers for losses arising from purported loan agreements with “Win on Wealth (WOW),” which promised returns of 15% per month in exchange for the initial “investment.” Plaintiffs allege they invested a combined total of $125,000 to defendant schemers for a combined total promised return of $292,450, but plaintiffs claim that no payments were received and the scheme collapsed allegedly due to bank regulatory mandates. Plaintiffs sued for breach of contract and fraud and seek compensatory damages, interest, consequential damages, and punitive damages.
Jaramillo v. AM Transport Group LLC, et al., No. 2024-020463-CA-01 (Fla. Cir. Ct.)
Victim of an alleged Ponzi scheme filed suit in Florida state court against defendant schemers and their entities which purported to offer investments in the commercial truck freight transportation business by advancing money for the purchase of commercial trucks. The plaintiff alleges she invested $140,000 with a promised return of $168,000 over five years and received monthly payments until they suddenly stopped, which is when she allegedly learned the investment opportunity was part of a Ponzi scheme. Plaintiff brought suit for fraud and deceit, an accounting, and breach of contract.
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