Court appoints receiver in Benny Judah fraud case - KCBD NewsChannel 11 Lubbock

4/23/09

Court appoints receiver in Benny Judah fraud case

New information in the case of a local man accused of defrauding local investors. The court appointed receiver says Benny Judah's businesses, with the exception of Excel Leasing, will continue business as usual.

Local attorney Fernando Bustos made the statement to NewsChannel 11 just before 6 p.m. Federal Judge Sam Cummings appointed Bustos as receiver of Judah's estate Wednesday. Bustos now has control of Judah's assets, monies, securities, properties, and more, including several, popular local restaurants.

The Securities and Exchange Commission filed a complaint against Judah Wednesday claiming he defrauded hundreds of local investors. The documents say he raised about $40 million from hundreds of investors through false and misleading representation. Investigators claim Judah used investor money to fund his day-trading habit and to make loans to other companies he owned.

Judah and Excel consented to freezing assets, naming the receiver, as well as an injunction prohibiting him or any entity he owns or controls from issuing securities in the future.

We'll have specific answers to some obvious questions for customers and employees tonight on NewsChannel 11 at 10.

4/22/09
SEC complaint says Lubbock businessman defrauded investors
Benny Judah, 50, is accused of defrauding investors out of millions of dollars over the past three years.  Authorities froze all of his assets, including his local businesses, many of which you probably know of.

  • Local News on KCBD.comNewsMore>>

  • Political end to Olympics: NKorea offers talks with US

    Political end to Olympics: NKorea offers talks with US

    Sunday, February 25 2018 2:16 AM EST2018-02-25 07:16:08 GMT
    Sunday, February 25 2018 2:57 PM EST2018-02-25 19:57:40 GMT
    (AP Photo/Patrick Semansky). A volunteer walks in a foggy Pyeongchang Olympic Plaza during the 2018 Winter Olympics in Pyeongchang, South Korea, Saturday, Feb. 24, 2018.(AP Photo/Patrick Semansky). A volunteer walks in a foggy Pyeongchang Olympic Plaza during the 2018 Winter Olympics in Pyeongchang, South Korea, Saturday, Feb. 24, 2018.

    Pyeongchang closes its chapter of the modern Olympics on Sunday night with tales of detente and competitive grit and volunteerism and verve.

    Pyeongchang closes its chapter of the modern Olympics on Sunday night with tales of detente and competitive grit and volunteerism and verve.

  • Water main break causes shut off in Wilson; boil water notice to follow repairs

    Water main break causes shut off in Wilson; boil water notice to follow repairs

    Sunday, February 25 2018 2:51 PM EST2018-02-25 19:51:50 GMT
    (Source: KCBD)(Source: KCBD)
    (Source: KCBD)(Source: KCBD)

    A water treatment site has suffered a water line break in the town of Wilson. 

    A water treatment site has suffered a water line break in the town of Wilson. 

  • 3 dead after tornado, flooding from central US storms

    3 dead after tornado, flooding from central US storms

    Sunday, February 25 2018 2:25 AM EST2018-02-25 07:25:46 GMT
    Sunday, February 25 2018 2:47 PM EST2018-02-25 19:47:44 GMT
    (Liz Dufour/The Cincinnati Enquirer via AP). A view from the Central Bridge shows the flooding from the Ohio River  Saturday, Feb. 24, 2018 in Cincinnati.  Forecasters expected the Ohio River could reach levels not seen since the region's deadly 1997 f...(Liz Dufour/The Cincinnati Enquirer via AP). A view from the Central Bridge shows the flooding from the Ohio River Saturday, Feb. 24, 2018 in Cincinnati. Forecasters expected the Ohio River could reach levels not seen since the region's deadly 1997 f...

    A man in northeast Arkansas and a woman in south central Kentucky both were killed as the storm that also included strong winds, hail and heavy rain that triggered flooding muscled its way through the area, according to authorities.

    A man in northeast Arkansas and a woman in south central Kentucky both were killed as the storm that also included strong winds, hail and heavy rain that triggered flooding muscled its way through the area, according to authorities.

Powered by Frankly