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.
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