Problem
Mika Meyers was retained by investors in Michigan who had lost their life savings in the scam. Mika Meyers obtained a judgment for the investors, but just as arrangements were being made for payment on the judgment, the SEC swooped in and seized all of the fraudsters’ ill-gotten assets. The SEC planned to liquidate the assets and distribute the proceeds to the victims on a pro-rata basis, but the recoveries would have been pennies on the dollar because the proceeds were nowhere near sufficient to satisfy the victims’ claims.
Solution
Rather than accepting the pro-rata recovery, Mika Meyers went on the attack by filing a motion to intervene in the SEC case in order to assert a superior claim to the seized assets. The federal district court initially denied Mika Meyers’ motion to intervene. Undeterred, Mika Meyers refiled the motion. At the second time of asking, the court granted the motion, thereby allowing Mika Meyers to intervene on behalf of its clients. By doing so, the court sent a clear message to the SEC that Mika Meyers’ claim to the seized assets had merit.
After intervening, Mika Meyers was able to negotiate a favorable settlement for its clients. The end result was that Mika Meyers’ clients got paid back most of their lost investments.
Case Results
120.8
Million Judgment
In Commodity Case
In Commodity Case
83
Million Judgment
In Ponzi Scheme Case
In Ponzi Scheme Case
2.85
Million Judgment
In Conversion Case
In Conversion Case
Dan thank you for your help and support. Dan was direct and straight forward and he was very efficient in the way he billed and the time he spent on my issue with a crypto currency exchange and the deep legality and technicality that had me lose a lot of money. He contacted the exchange, gave amazing advice and basically full out won and got them to admit there mistake. I was blown away by his professionalism and thankful for the time he invested to protect the assets I had worked so hard for.
- Dan Budzinski
