Who:
Plaintiffs: Jonathan
Landow
Defendant: Wachovia Securities, LLC, Wells Fargo
Advisors, LLC, Robert William Eddy, George M. Gordon III, Walter R.
Anderson and Walter Randolph Anderson, Jr.
What:
This complaint stems from a Ponzi
scheme allegedly perpetrated through two companies, Derivium
Capital, LLC and Bancroft Ventures, LLC. According to the
complaint, Derivium and Bancroft engaged in a "fraudulent . .
. scheme known as the 90% Loan Program." The allegations state
that the 90% Loan Program was "marketed to the general public
. . . as a way for owners of securities to borrow up to 90% of the
value of the securities without creating a taxable event." The
Ponzi scheme allegedly involved soliciting individuals to pledge
securities as collateral for loans that had a 27 to 38 year
maturity. Once those securities were pledged as collateral,
however, the allegations state that that the securities were sold
and 10% of the sales proceeds were
