A class action lawsuit has been filed against four California banks (Union Bank of California, N.A. of San Francisco; Comerica Bank-California of San Jose; Imperial Management Inc.; and Bank of Orange County) for their alleged role in helping Reed Slatkin steal hundreds of millions of dollars from victims in one of the largest Ponzi schemes in American history.
The suit, seeking to recover funds for the approximately 800 creditors who entrusted Mr. Slatkin with their life savings, alleges that the defendants aided and abetted the scam, fraud and negligence.
"Mr. Slatkin could not have executed his scheme without substantial assistance from the banks," the lawsuit states, "for the banks provided three necessary but missing ingredients from Mr. Slatkin's recipe: (1) a steady flow of new money, (2) a mechanism for Mr. Slatkin to manage custodial accounts he couldn't otherwise handle, and (3) an aura of legitimacy Mr. Slatkin couldn't obtain without the banks' involvement."
The class action was filed on behalf of all those who entrusted money to Mr. Slatkin to invest on their behalf, and who received in return less money than they entrusted to him, and seeks $250 million in damages plus unspecified punitive damages.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
