California real estate mogul Kenneth Casey swindled more than 1,300 investors out of hundreds of millions of dollars in a Ponzi scheme. Now his victims are taking control in a Chapter 11 so collaborative it has veteran bankruptcy attorneys stunned.
“It’s been a process that I’ve never seen before,” said Michael I. Goldberg of Akerman LLP, who specializes in Ponzi schemes and is involved in the case. “The victims here really are sort of amazing.”
The scheme, which didn’t come to light until Casey’s death in May 2020, sparked a Chapter 11 case when seven defrauded investors forced one of ...
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