PNC Bank NA and Heartland Bank & Trust Co. allegedly aided and abetted a $75 million purported Ponzi scheme, investors who lost money in the scam said in Illinois federal district court.
The two banks had “extensive knowledge” of Todays Growth Consultant Inc.'s operations and financial transactions because the alleged Ponzi scheme conducted all business “largely through a single account at Heartland and a single account at PNC,” the would-be class complaint filed in the U.S. District Court for the Northern District of Illinois said.
“We believe that the allegations in the complaint are factually and legally deficient as to ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.