Abidog v. New York Life Insurance Co. was filed in the Superior Court of the State of California on June 18, 2021, seeking damages and rescission of unregistered promissory notes sold in a Ponzi scheme that deprived elderly and other unwitting investors of their life savings.  The fifteen-count complaint alleges violations of California statutory and common law, as well as federal securities law.

Defendant Felix Chu is a former agent of Defendants New York Life Insurance Company and NYLIFE Securities LLC (collectively, “New York Life”) who used his role at New York Life to perpetrate the Ponzi scheme.  Plaintiffs are investors in the scheme.Continue Reading New Complaint – Abidog v. New York Life Insurance Co.

Wiand v. ATC Brokers Ltd, et al. was filed in U.S. District Court for the Middle District of Florida, on May 28, 2021.  The complaint was filed by a Receiver appointed in an action brought by the Commodity Futures Trade Commission (the “CFTC”) alleging the operation of a Ponzi scheme.  The complaint alleges (1) aiding and abetting fraud, (2) aiding and abetting breach of fiduciary duties, (3) gross negligence, and (4) simple negligence.  In addition, the complaint seeks to avoid alleged fraudulent transfers received by ATC Brokers Ltd.

Plaintiff is the court appointed Receiver over Oasis International Group, Limited, Oasis Management LLC, and Satellite Holdings Company (the “Oasis Entities”) in an action filed by the CFTC, titled Commodity Futures Trade Commission v. Oasis International Group, Limited, et al., Case No. 8:19-cv-00886-VMC-SPF (M.D. Fla. Apr. 15, 2019).  Defendants include: (1) ATC Brokers Ltd., the exchange firm the Ponzi scheme operators used to carry out the scheme; (2) Spotex LLC, the entity that provided the software used to carry out the Ponzi scheme; and (3) an owner of both entity Defendants.Continue Reading New Complaint – Wiand as Receiver for Oasis International Group, Limited, et al. v. ATC Brokers Ltd, et al.

Ocean Development Partners, LLC (MA) and Ocean Development Partners (RI) v. Dmity Deych, et al. was filed in the Superior Court of Suffolk County, Massachusetts on March 11, 2021, seeking damages and equitable relief for federal statutory and state law claims related to the defendants’ purported scheme to defraud the purchasers of certain real estate.

Plaintiffs are limited liability companies located in Massachusetts and Rhode Island that entered into an agreement to purchase a real estate development project and luxury vacation community (the “Investment”).  The defendants are individuals and entities who, largely unbeknownst to plaintiffs, likewise had an ownership or other interest in the Investment.Continue Reading New Complaint – Ocean Development Partners, LLC, et al. v. Dmity Deych, et al.