Dror Soref, 66, had all but two counts in the criminal complaint against him dismissed as being filed outside of the statute of limitations. Soref and Michelle Seward were accused of persuading elderly investors to invest in the Soref-directed thriller “Not Forgotten” and a musical called “Twist.” Soref faced up to 75 years in prison but now faces a maximum of 6 years.
A bankruptcy court held that the liquidating trustee for the Tom Petters Ponzi scheme was not barred by the doctrine of in pari delicto from pursuing claims against BMO Harris Bank as successor to M&I Marshall and Ilsley Bank. Kelley v. BMO Harris Bank N.A. (In re Petters Company, Inc.), 2017 Bankr. LEXIS 535 (Bankr. D. Minn. Feb. 24, 2017). The court noted that the doctrine does not apply to receivers, that the liquidation trustee is also the receiver, and that “[t]he appointment of Kelley as receiver provides a compelling reason not to apply in pari delicto at this time.” The court also found that it is a fact-bound inquiry that is not appropriately decided on a motion to dismiss.