The federal suit is the latest fallout surrounding the company, Professional Financial Investors, and its principals, Ken Casey and Lewis Wallach.
A second lawsuit has been filed against Umpqua Bank in connection with a multimillion-dollar fraud scheme engineered by a now-defunct Novato company.
A class action lawsuit filed on behalf of more than a thousand investors claiming over $300 million in damages was filed against Umpqua Bank in 2020. The suit, which is proceeding toward a jury trial in the U.S. District Court for the Northern District of California, alleges that the bank aided and abetted the scheme.
PFI ultimately filed for bankruptcy. Linda Lam, one of the attorneys representing the plaintiffs, said investors got back about 40% of what they invested as a result. The new lawsuit states that despite the proceeds from the bankruptcy, the tenancy-in-common plaintiffs jointly lost $4.2 million. “My mom passed away when I was 21,” Levy said. “I’ve been pretty much on my own since then. A lot of people have a family safety net, and I didn’t really.”
By moving in with his brother and getting a job at a lumber yard, Levy was able to cover his expenses until he received some money from the PFI bankruptcy.
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