Judah Ponzi scheme victims take arguments to judge - KCBD NewsChannel 11 Lubbock

8/30/10

Judah Ponzi scheme victims take arguments to judge

By Michael Slother | email

LUBBOCK, TX (KCBD) – Investors in Benny Judah's Ponzi scheme want their money back. Several appeared in Federal court Monday morning to find out what could happen, but they are still left wondering.

The hearing was over just after 10 a.m. Some of the investors came to dispute the amount on their original investment, but others thought that wasn't good enough and asked the judge for interest as well.

"A lot of the disputes with the interests a lot of people aren't happy with the fact that they're not going to be able to see any of the interests," says investor Maria Rios. Rios was in court Monday hoping to get back the thousands of dollars Benny Judah took from her. "It looks like based on today some justice is going to be done."

Maria is just one of around 250 investors that stand to lose on their investments under Judah's Excel leasing company. Like Maria, most of the other investors are from Lubbock.

Judah is serving a 25 year sentence for defrauding investors out of more than $50 million. As it stands now, there is not nearly enough money for everyone to get their original investment back. "You know the grief's not over but hopefully by Friday investors will be a lot happier," says Maria.
She says Judge Sam Cummings will submit his findings on Friday. Investors know that it is unlikely they will see all of their money returned. "As investors, we've waited a long time. There's a lot of people having difficulties financially wise."

Judah's assets have been seized and auctioned off by Federal authorities to help repay his victims. Many of those assets were popular local businesses like Las Brisas Steak House and The Falls Tennis and Athletics Club.

KCBD NewsChannel 11 will monitor the Judah case and will bring you updates throughout the week.

Copyright 2010 KCBD. All rights reserved.

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