I’m putting a hold on the final installment of the saga of Joel’s Sentencing Brief until this is covered in full. Yet another class action was filed on September 29, 2017, and intended for victims located outside California. According to to the initial complaint, there are 500-600 victims located outside California who, together, lost about $45 million. Victims in California lost about $90 million. Off the bat, we have a discrepancy. The Receiver has been pretty consistently estimating $124-125 million. This case places it higher but this case is only counting from 2009-2014 – five years. Back when NASI shut down, people on Quatloos thought the Receiver could only go back five years but he ended up being able to go back seven. Perhaps because of the multiple jurisdictions of the victims (they are spread across thirty-six states), they can only go back five years in this case, which would account for the $10 million difference between this case and the Receiver. The suit alleges what I now consider boilerplate allegations against Fitzwilliam and CNB and adds Fuel Doctor into the mix. How he knew, how he helped, etc. What’s interesting in this one are the details revealed. I’ll try to
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One at a Time: The Payne Case
This one was filed in the LA Court system back in March against City National Bank and Patrick Brian Fitzwilliam. Looking at the case summary, it seems to be going better than the Nairn case, which looks like it’s on life support. This class action suit is only open to those who lost money with NASI and who are over the age of 65 (they’re going for an elder abuse claim, in addition to others). Considering that many of the investors were elderly at the time the Dickwad Duo convinced them to lose their life savings, this is not a bad angle. Unfortunately, not all were elderly so…that…sucks. In any event, the complaint outlines some facts and a bit of a timeline. Of course, these facts will have to be proven, but it’s interesting nonetheless. Fitzwilliam became Senior Vice President and the branch manager for the Woodland Hills branch of the bank in 2004. By this time, NASI had grown to one of the largest depositors at the branch. Whenever deposits were made, Wishner would almost always bring them to Fitzwilliam to deposit. During those visits, Ed would also initiate transfers between bank accounts to cover the checks. In 2004,
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