Business

Judge approves claims process in Ponzi scheme suit

AWells Fargo bank branch at 1616 Central Avenue in Charlotte, North Carolina.
AWells Fargo bank branch at 1616 Central Avenue in Charlotte, North Carolina. jsimmons@charlotteobserver.com

A federal judge has approved claims procedures in a lawsuit that seeks to repay thousands of victims, many of them Haitian-Americans in Florida, defrauded in a Ponzi scheme that operated in 2007 and 2008.

Victims of the $68 million Ponzi scheme by George Theodule, a banker with Wachovia (later bought out by Wells Fargo), can now submit claims that the court-appointed receiver will evaluate. Those eligible will receive a piece of the $5 million-plus settlement.

Federal Judge Daniel T.K. Hurley approved the claims procedures and distribution process in early April.

Claim forms can be downloaded from www.creativecapitalreceivership.com

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