September 14, 2004 |
Reed Slatkin's former bankers have agreed to pay $26.5 million to settle a lawsuit contending that they helped him appear to be a legitimate investment advisor while he ran a $593-million Ponzi scheme, attorneys in the case said Monday. The recovery would be by far the largest yet for investors in what Slatkin, a co-founder of EarthLink Inc., has admitted was a fraud that began in the mid-1980s and was unmasked in 2001.
December 9, 2003 |
The trustee in the Reed Slatkin bankruptcy doubled his estimate Monday of what victims of Slatkin's Ponzi scheme might recover, saying it could reach 40 cents for every dollar lost -- and more if investors who came out ahead in the scam would "find it in their hearts" to return some of their profits.
December 5, 2003 |
A former bookkeeper for Santa Barbara con man Reed Slatkin has agreed to plead guilty to obstructing a Securities and Exchange Commission investigation by creating fake documents that showed Slatkin held more than $500 million in Swiss accounts. Jean Janu of Santa Fe, N.M., also agreed to plead guilty to failing to alert authorities to Slatkin's crimes. The two charges could result in a sentence of up to two years in prison, said Assistant U.S. Atty. Steve Olson in Los Angeles.
December 2, 2003 |
A former associate of Santa Barbara investment scam artist Reed Slatkin was sentenced to five months in federal custody and five months of home detention for obstructing a federal probe and lying to investigators. Richard D. McMullin, 39, worked as an assistant in Slatkin's office from the mid-1980s until 1999, handling phone calls from investors, helping to create account statements and researching stocks. U.S. District Judge Margaret Morrow ordered McMullin to pay a $4,000 fine. Assistant U.S.
September 17, 2003 |
A law firm that represented convicted con man Reed Slatkin has agreed to pay $650,000 to settle claims that it cost investors tens of millions of dollars because it didn't discover Slatkin's scam months before it unraveled. Slatkin was sentenced to 14 years in prison this month for taking $593 million from investors in a Ponzi scheme. Slatkin, a Santa Barbara money manager, pleaded guilty to 15 counts of fraud, conspiracy and money laundering. Bankruptcy trustee R.
September 2, 2003 |
During more than 15 years of fraud that cost his investors $240 million, Reed E. Slatkin seemed as much trusted friend as money manager. He schmoozed clients with tips on how to landscape their estates, attended funerals of their family members and all the while offered assurances that he would protect their college and retirement funds. His victims have asked to tell some of those stories today at Slatkin's sentencing hearing in Los Angeles, hoping to persuade U.S. District Judge Margaret M.