Judge approves plan to payback Judah victims - KCBD NewsChannel 11 Lubbock

10/1/10

Judge approves plan to payback Judah victims

By James Clark | email  

LUBBOCK, TX (KCBD) – A federal judge approved a plan Thursday afternoon to pay back 250 Lubbock area victims of Benny Judah's Ponzi scheme.  Judah pleaded guilty on an money laundering charge and is serving 25 years in prison.

Meanwhile a federal judge seized Judah's real estate and his many Lubbock businesses which are being sold off by a Receivership Trustee to repay the investor victims. 

The Receiver says in court records, "the total Allowed Claims and Approved Claims from all the Investor Victims … [equal] $35,903,796.73."  The Receiver asked permission to pay back investors "$4,460,000.00 in cash and $1,877,840.30 in PlainsCapital Bank stock, for a grand total of $6,337,840.30,"

The Receiver says he has now recovered 17% of the investor victims' principal investment

But that's not all.  The Receiver says in court records that he anticipates more money will be recovered and sent back to Judah's victims.

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