Settlement reached in Pac Equities case

STOLL BERNE, along with the law firm of Esler Stephens and Buckley, represented defrauded investors in the real estate Ponzi scheme operated by Michael and Phyllis Richand their company, Pac Equities.

The two firms have recovered $6.2 million from the Nevada law firm for Pac Equities. The Riches were both convicted of multiple counts of securities fraud, income tax evasion and mail fraud, and sentenced to federal prison. The United States District Court also appointed a Receiver to take possession of all assets of the Riches and Pac Equities, and to pursue claims on behalf of many of the defrauded investors.

Attorneys at Stoll Berne worked closely with the lawyers from Esler Stephens & Buckley on this case, which settled after the first day of trial.