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Judge Studies Evergreen Scam Settlement

ORLANDO-U.S. Bankruptcy Court Trustee R.W. "Bill" Cuthill Jr. will outline a tentative settlement with the family of convicted stock broker William J. Zylka of New Vernon, NJ, who sold unregistered mortgage-backed securities in an alleged $214 million swindle.

By Alex Finkelstein | Updated on October 31, 2002

ORLANDO-The 21-month-old civil and criminal investigations of the defunct Evergreen Security Ltd. takes a new turn Nov. 4 when U.S. Bankruptcy Court Trustee R.W. “Bill” Cuthill Jr. outlines a tentative settlement he has made with the family of convicted stock broker William J. Zylka of New Vernon, N.J.

Cuthill will ask Bankruptcy Court Judge Arthur B. Briskman to approve an $189,000 settlement with the Zylka family, Cuthill’s office confirms to GlobeSt.com.

Zylka remains in a New York jail awaiting sentence for his part in allegedly stealing $27.7 million of the missing $214 million Evergreen took in from 2,203 global investors who thought they were putting their money into U.S. government mortgage-backed securities.

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