FORT LAUDERDALE, Fla., Nov. 23, 2009 (GLOBE NEWSWIRE) -- The law firm of Sonn & Erez PLC has obtained a $50,000,000 Final Judgment in a class action on behalf of investors in MRT, a company accused of running a Ponzi Scheme in Fort Lauderdale, Florida. The Final Judgment was entered by US District Judge James I. Cohn in the case of Katz vs. MRT et al., after a hearing to approve the settlement as fair and reasonable for all the investors in this class action case.
It was alleged that MRT had sold unregistered securities to hundreds of investors, purportedly "loans" or "investments" from unsuspecting investors for the purported purpose of trading "FOREX" futures and options. In exchange for this investment, MRT promised and, in some cases, allegedly paid rates of interest from about twelve percent annually (12%) to as high as over eleven percent (11%) a month
The Final Judgment against MRT LLC, MRT Holdings LLC, James Clements and Zeina Smidi will allow the investors to now find and seize assets that may have been derived from the MRT scheme. "We believe assets were fraudulently transferred to third parties, and we will find them and sue them to recover the investors' money," said Jeff Sonn, Esq. of Sonn & Erez PLC, who acted as lead counsel in the case. "Some victims believe that another company, called MPire, took over where MRT left off, and continued the investment scam, taking in even more investors than MRT," added Sonn.
"We are very pleased that Judge Cohn saw this case for what it was -- another Ponzi scheme by promoters who have to suffer the consequences of their actions," said Sonn.
Sonn & Erez PLC is a nationally known law firm that concentrates its practice in securities litigation and arbitration, representing investment fraud victims all over the United States. For more information on the MRT case, please contact Jeffrey Sonn, Esq. or Jeffrey Erez, Esq.