Native Sun News Today: Lawsuit filed in fraudulent relationship purchase scheme

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Native Sun News Today: Lawsuit filed in fraudulent relationship purchase scheme

FAST CITY – A lawsuit filed in October into the Wakpamni Lake Community Corporation scandal that defrauded retirement trust funds of $43 million, alleges three law offices and many people included, neglected to perform their diligence that is due in issuance of “worthless” bonds and it is waiting to attend test.

The Wakpamni Lake Community Corporation, situated on the Pine Ridge Indian Reservation, designated by the U.S. Census Bureau among the poorest areas into the country, had been the target of a nasty complicated scheme orchestrated to use these unsica (poor) individuals as a front side to enrich themselves.

The key perpetrators were caught and they are presently serving federal jail time for securities fraudulence.

Though the trust funds which were bilked out of $43 million believe more people and law that is several are culpable when you look at the scheme and now have filed suit.

The actual situation, filed by Chicago Transit Authority Retiree healthcare Trust in easy payday loans Kansas online addition to Board of Trustees when it comes to Chicago Transit Authority Retiree medical care Trust (RCHT) is targeted at the attorneys Dilworth Paxson, LLP; Timothy Anderson; and Greenberg Traurig, LLP

In accordance with the brief filed on October 18, 2019, into the Circuit Court of Cook County, Illinois County Department, Law Division the “lawsuit comes from the Defendants’ involvement in, and advice about, the issuance of $43 million in worthless bonds (the “Bonds”) to unwitting public retirement funds, including RHCT. The Bonds are not section of the best general public finance project, but alternatively an unlawful scheme to enrich a few people attached to the Defendants, including wellВ­ known fraudster, John Galanis, their son, Jason Galanis (collectively, the “Galanises”), and flyВ­ by-night tribal financiers, Steven Haynes and Raycen Raines, the latter allegedly had been romantically a part of the Greenberg partner Heather Dawn Thompson representing the issuer through the deal.”

Based on the lawsuit Heather Dawn Thompson, an associate associated with the Cheyenne River Sioux Tribe, whom once served being a federal prosecutor and presently somebody at Greenberg Affiliated within their Denver workplace, had been employed in 2014 by Raycen Raines the CEO of this WLCC to represent them in relationship transaction.

The brief states, “In or around might, 2014, Timothy Anderson informed Raines which he could be representing the Galanis’s and their organizations within the relationship deal, and never their client that is former WLCC. Because of this, Raines had a need to find split counsel to express WLCC.

Heather Thompson (“Thompson”) is a partner with Greenberg affiliated with its Denver office, but lives in South Dakota near or on the Oglala Sioux’s Pine Ridge Reservation dawn.

Thompson, whom focuses on issues linked to tribal legislation and financial development, served as Greenberg’s main customer relationship lawyer for the relationship transaction.

Thompson had been presumably dating Raines, WLCC’s CEO, during the time Greenberg represented WLCC within the Wakpamni relationship deals, plus the two are now actually hitched.

Thompson had been assisted by two lovers from Greenberg’s Denver office: Michael McGinnis and Jennifer Weddle. McGinnis can be a bond that is experienced and person in the nationwide Association of Bond solicitors.”

According to the lawsuit Raines had formerly incurred critique to be tangled up in that which was termed lending that is“predatory techniques within the set-up of pay day loan businesses which presumably place him at chances with all the leadership of this Oglala Sioux Tribe.

Next Up: Hunter Biden, son of previous vice president Joe Biden, implicated in Wakpamni Lake scandal. Later on into the show: an answer from Wakpamni Lake Community Corporation.

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