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$90.6 Million Judgment in Favor of Plaintiffs Who Were Victims of a Major International Ponzi Scheme

posted 3 years ago

On July 22, 2021, the Law Offices of Charles H. Camp, P.C. secured a $90.6 Million Judgment in the U.S. District Court for the Southern District of New York on behalf of 135 plaintiffs, victims of an international Ponzi scheme perpetrated by Defendants Jairo Enrique Sanchez and Dilia Margarita Baez, who are Colombian nationals. 

Defendants’ fraud, which came to light in 2009, involved stealing significantly in excess of $100 million from deceived investors, including Plaintiffs, in the United States and abroad. Defendants executed their scheme principally through corporate entities and nonexistent purported corporate entities in New York, Florida, Colombia and Switzerland—each mere deceptive devices.

The decision was rendered by District Judge Gregory H. Woods, who found in Plaintiffs’ favor on all claims, including fraud, breach of fiduciary duty, conversion, unjust enrichment, commodities fraud under the Commodities Exchange Act, control person liability under the Commodities Exchange Act, and violation of Racketeer Influenced and Corrupt Organizations Act (RICO). Magistrate Judge Sarah L. Cave conducted the damages inquest and determined that Plaintiffs are entitled to $18 million in compensatory damages, $54 million in treble damages for the successful RICO claim, and $18.6 million in pre-judgment interest.

The case is Torres et al. v. Sanchez et al., 1:19-cv-9357-GHW-SLC. Plaintiffs were represented by Charles H. Camp and Kiran Nasir Gore.

Defendants have also been prosecuted in Colombia for their criminal scheme, which included money laundering and solicitation, and were recently sentenced to 19 years in prison – that conviction is currently on appeal.

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