Federal Judge Allows Ponzi Scheme Claims Against Bank To Remain

Federal Judge Allows Ponzi Scheme Claims Against Bank To Remain

FORT MYERS, Fla. - A federal judge in Florida on Nov. 20 refused to grant summary judgment to Wells Fargo Bank N.A. in a suit alleging that the bank assisted one of its customers with a Ponzi scheme, finding that there are genuine issues of fact as to whether an aiding and abetting conversion claim is time-barred as well as the timing of the bank's alleged assistance in the scheme and whether the plaintiffs conferred a benefit to the bank after a certain date (Franz Lesti, et al. v. Wells Fargo Bank NA, No. 11-0695, M.D. Fla.; 2013 U.S. Dist. LEXIS 165102).

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