Judgement Of $9.6 Million Against Finance Company
Both investors and lawyers are celebrating after a judgement of $9.6 million was made against a finance company that financed a range of investment deals that went on to collapse. A hearing was set in Charleston but representatives of the finance company failed to show up, hence the U.S. District Court Judge David C. Norton awarded that amount to a Texas family partnership.The company in question, Bancroft Ventures Ltd., was originally from the Isle of Man. The judge, when speaking of the judgement, stated that actually enforcing and collecting the monies was going to prove far more difficult than making the judgement had been. He stated: "That was the easy part. The hard part is going to be to collect it."
Lawyers state that an investigation now needs to be launched to determine whether it is Bancroft or a connected organization that is to blame for millions of dollars in losses on investments made.
One firm that Bancroft was linked with until earlier this year was Derivium Capital LLC, which filed for bankruptcy protection. Bancroft cut off links with the company earlier in the year.
Topic Added January 4th, 2006
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