March 27, 2017
Monday’s Adjudication Roundup
- A group of investors can’t revive a lawsuit accusing two companies of hiding costs from a real estate investment marketed as a way to avoid capital gains taxes, a California state appeals court ruled Thursday, ruling the claims were brought too late.
- The CEO of a New York mortgage bank will spend the next 150 months in prison after being convicted of a $100 million mortgage fraud scheme that cost financial institutions $30 million. According to the U.S. Attorney’s Office for the Eastern District of New York, Aaron Wider is the former owner and CEO of HTFC Corporation, a mortgage bank located in Garden City, New York. Wider ran the company from 2003 to 2008.
- Royal Park Investments SA/NV lost its bid for class certification in a suit against Deutsche Bank National Trust Co. over $3.1 billion in residential mortgage-backed securities losses on Tuesday when a New York federal judge told the investors they needed to better define their proposed class.