By James Clark | email
LUBBOCK, TX (KCBD) - There are new developments in the case of a local man accused of setting up a multi-million dollar ponzi scheme. Court records say Benny Judah sold fraudulent debentures worth $40 million to mostly local investors. Right now he faces civil (not criminal) charges. A court appointed Receiver is now in charge of Judah's assets.
A July 9th written statement from the Receiver says the best option is to sell Judhah's assets, not try to keep them. The proceeds would go toward reimbursing investors. In June, C.P.A John Beakley suggested keeping Judah's various businesses and running them for a profit. According to the court appointed receiver, Mr. Beakley is withdrawing that proposal.
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