Disgruntled Judah investors get their day in court Monday - KCBD NewsChannel 11 Lubbock

8/29/10

Disgruntled Judah investors get their day in court Monday

By James Clark | email

LUBBOCK, TX (KCBD) - Twenty of Benny Judah's former investors are not happy with the plan to partially reimburse them for their losses.  They get a chance Monday morning at 9:00 AM to say so in Lubbock federal court. 

Judah is currently serving prison time for charges related to a Ponzi scheme.  Prosecutors say roughly 250 investors, mostly from Lubbock, stand to lose most of their money.  A court-appointed Receivership Trustee seized Judah's many Lubbock businesses and real estate.  One by one they're being sold off to repay investors but it won't be nearly enough to cover the $50 million or so that Judah took from them. 

The receiver filed a plan in court records to partially pay back the investors. Court records say, "all but 20 agreed with the Receiver's claim determination."

Monday's hearing will be "to take evidence and hear argument regarding the motion [to partially pay back the investors]."  KCBD NewsChannel 11 will have an update after the hearing.

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