Home > News > $26 Million Partial Settlement Reached In IRS 1031 Exchange Ponzi Scheme
$26 MILLION PARTIAL SETTLEMENT REACHED IN IRS 1031 EXCHANGE PONZI SCHEME
Firm Litigator Johnna Hansen recently assisted in achieving a $26 million dollar settlement with United Bank of Switzerland (UBS), for the benefit of numerous plaintiffs who allege that UBS essentially laundered money for co-defendants under a ponzi scheme. The plaintiffs in this nationally recognized case allege that UBS failed to meet its own internal due diligence standards for large depositors, and that UBS is responsible for the ultimate disappearance of more than $80 million of capital gains and investment funds belonging to the victims.
Attorney Hansen represents two individual plaintiffs in this large group action brought against numerous defendants in relation to the ponzi scheme involving the theft of IRS 1031 exchange funds.
After months of difficult negotiations, UBS agreed to pay $26 million to resolve all pending claims against it in the case. The litigation continues against other defendants involved in the scheme.
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LOS ANGELES ORANGE COUNTY VENTURA/OXNARD CENTRAL COAST
BAY AREA SACRAMENTO LAS VEGAS RENO PHOENIX
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