Aviv Talmor, the controlling shareholder of Utrade, was arrested on charges that he defrauded 600 clients in an investment program. Utrade, which had no license for managing investment portfolios, allegedly made false presentations to persuade clients to invest. The investors were provided access to a virtual account that falsely represented the amount in the account. It is believed that there are about $12 million of losses.
Chadbourne & Parke agreed to a settle claims by investors in the R. Allen Stanford Ponzi scheme. The terms of the settlement are confidential. The firm of Proskauer Rose and Stanford’s former lawyer, Thomas Sioblom remain as defendants in the case. Separately there are other class actions moving forward against Greenberg Traurig and Hunton & Williams.