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Judge dismisses Ponzi scheme lawsuit against bank

| Feb 15, 2017 | Embezzlement |

Embezzlement charges are certainly nothing to take lightly yet it is always important for Minnesota residents and businesses to remember than every criminal allegation is just that. There is a reason that defendants are offered the chance to defend themselves because not every person or entity accused of a crime is actually guilty. In addition to being found not guilty at the end of a trial, sometimes a legal action may even be dismissed altogether.

Such is the case today as a federal judge ruled that there was not enough evidence to support a lawsuit against a bank based in Green Bay, Wisconsin. Prior to this lawsuit being filed nearly four years ago, multiple individuals were convicted for their roles in a Ponzi scheme. According to reports, almost 700 people were involved in that case as investors. Together, they are said to have lost or been defrauded of more than $190 million.

In addition to going after the primary persons involved, a suit was filed against the bank at which the Ponzi schemers opened accounts. While the judge agreed that it appears that bank personnel failed to follow some procedures correctly, it was ruled that the bankers did not have knowledge of or consciously participate in the scheme to defraud investors.

When faced with a serious white collar crime charge, Minnesota residents or businesses may find it helpful to reach out to an attorney. This may provide insight into options for a defense.

Source: Star Tribune, “Associated Bank beats suit alleging it facilitated Minnesota’s second-biggest Ponzi scheme,” Dan Browning, February 2, 2017