Scheef & Stone congratulates Kelly Crawford, Peter Lewis and David Wills who succeeded in defeating four motions to dismiss in a case pending in the U.S. District Court for the Northern District of Texas to recover $12 million plus in commissions from brokers in a metals receivership.
On March 8, Judge Brantley Starr issued an opinion denying all four motions to dismiss, allowing Kelly Crawford, as the court appointed receiver, to continue his attempt to claw back $12 million in commissions from brokers who allegedly directed more than 1,600 elderly people into a precious metals Ponzi scheme, ruling the receiver adequately pled the brokers benefited from the scheme regardless of their knowledge of the accused fraudsters’ actions.
The case Crawford et al. v Bleeden stems from a 2020 case lodged by the Commodity Futures Trading Commission (CFTC) and 30 states against Los Angeles-based precious metals dealers Lucas Asher and Simon Batashvili. According to the CFTC, the dealers engaged in a $185 million nationwide scheme to deceive elderly investors into buying fraudulently inflated gold and silver bullion.
Law360 featured the victory in an article that ran on March 8.