LUBBOCK, TX (KCBD) - NewsChannel 11 answers questions some of you may also have about the businesses operated by Benny Judah.
Judah is at the center of a complaint filed by the Securities and Exchange Commission. Authorities say he defrauded hundreds of local investors and used their money to fund a day-trading habit and to make loans to other companies he owned.
The person now in charge of Judah's holdings says he plans to keep things business as usual for many popular establishments. We spoke with local attorney Fernando Bustos, the person appointed receiver for Judah's estate.
Bustos tells NewsChannel 11 that all of Judah's businesses, except for Excel Leasing, will stay open. Bustos says he cares about the businesses and their employees, and he doesn't want them to suffer because they happened to go into receivership because Judah had ownership in them. He says they're all great business, and the doors will remain open.
So, what does that mean for you? It means popular restaurants like Harrigans, Las Brisas, Zoo-Kinis, and other businesses, like The Falls Athletic Club and many more, will be open for you to enjoy.
Eventually, Bustos says they will be sold in a fair and public way to maximize the return to investors. Right now, there's no, hard timeline for when that would happen. Bustos tells us he's also working to re-open frozen accounts to make sure workers will be paid.
As for investors, Bustos says he plans to meet with them soon, and they're setting up a web site that will be able to answer a lot of other questions. They also hope to have a place for investors to fill out claims online. Right now, that's under construction, but it should be up and running in the next day or so. (Click here) to learn more.
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.