Evergreen purportedly is a mortgage securities-backed investment fund that has been operating unobtrusively from a leased Pine Street location Downtown for 10 years.
Cuthill's five suits, filed Aug. 6 in U.S. Bankruptcy Court, Orlando, mark the first civil actions against the defendants since the $214 million alleged fraud surfaced a year ago.
In the suits, Cuthill calls Evergreen's operations "a massive Ponzi scheme from inception." (In a Ponzi scam, investors are paid high returns in the beginning and lower returns as the fund grows and attracts more investors.)
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
