Three unhappy investors seemingly get small victory in Judah case - KCBD NewsChannel 11 Lubbock

Three unhappy investors seemingly get small victory in Judah case

By James Clark | email  

LUBBOCK, TX (KCBD) – Three frustrated former investors of Benny Judah did get concessions in Lubbock federal court this week.  On Monday KCBD NewsChannel 11 reported that 20 investors had their day in court to say why they disagree with how the court will pay back victims.

Judah, who is serving 25 years in prison for charges related to a Ponzi scheme, collected roughly $50 million from investors, mostly from Lubbock.  Most of the money is gone but a court appointed Receivership Trustee seized Judah's many Lubbock businesses and real estate. 

There is more than $2 million to partially reimburse investors for their loss.

Some investors complained that they would not get credit for interest they should have received while their money was in Judah's hands.  They felt like investors who had been Judah the longest would lose out more than investors who had been with Judah for the shortest period of time.

While the judge has not made a ruling concerning Monday's hearing, the Receivership Trustee has said in court records that he revised three of the disputed claims.

Meanwhile on Friday, one investor, Craig D. Rhyne, MD, wrote a passionate letter to the judge pleading his case for why he should be allowed to count interest as part of his loss. 

"I steadfastly contend that the investors should be treated fairly," Rhyne writes.  "The greatest injustice of all will be visited upon those investors that are already at the greatest disadvantage if you rule otherwise."

Copyright 2010 KCBD. All rights reserved.

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