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Seven-year MedCap Capital Holdings Ponzi case is over

August 26, 2016

 

 


Seven-year MedCap Capital Holdings Ponzi case is over

With bankruptcy case concluded, investors stand to recover $400 million

Aug 25, 2016 @ 12:51 pm | By Bruce Kelly | Investment News

The seven-year unwinding of the billion-dollar Medical Capital Holdings Ponzi scheme is over, with swindled investors receiving more than $400 million.

Last Friday in U.S. District Court, Central District of California, Judge David O. Carter issued his final judgment in the case, which began in July 2009 when the Securities and Exchange Commission sued Medical Capital for fraud.

That lawsuit proved to be the death knell for dozens of small and mid-sized independent broker-dealers that sold the Medical Capital private placements and other private deals that soured. Swamped by the cost of investor complaints, many of the firms that sold the private placements closed.

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