On September 28, 2015, the U.S. District Court for the Western District of Michigan issued a judgment of close to $81 million in favor of creditors and against Huntington National Bank in the Teleservices Group bankruptcy proceedings. Funds from the judgment will be shared by victims of a $100-million Ponzi scheme perpetrated by Teleservices, and its affiliate, Cyberco Holdings. The District Court upheld the lower court’s finding that Huntington retained some of the Ponzi scheme funds, and facilitated the flow of additional funds, despite having reason to know that the funds were tainted. The CyberNET fraud was documented in the popular CNBC show, American Greed, in the episode “Fraud in Cyberspace.” This is the second time Mika Meyers has recovered a judgment in excessive of $80 million for a client. For other recent results in securities cases, please review our Litigation Results.
