Update: Settlement Secured by Buchalter in Landmark San Diego Ponzi Scheme (as Featured on CNBC’s American Greed)
December, 2022 - Los Angeles, California
Buchalter secured a settlement last year from Chicago Title on behalf of approximately 80 victims of a fraudulent liquor license investment scheme devised by former restauranteur Gina Champion-Cain. The settlement Buchalter negotiated with Chicago Title recovered more than $22.6 million—nearly 75 percent—of Buchalter’s clients’ net losses.
Champion-Cain’s scheme was recently featured on an episode of CNBC’s American Greed titled “California Schemin’,” which premiered on November 22, 2022. Buchalter Shareholder Mark Cramer appears throughout the episode. The day after the episode first aired, the federal court judge presiding over Champion-Cain’s SEC receivership action formally approved a global settlement between Chicago Title, the court-appointed receiver, and the remaining victims of the scheme. In light of the global settlement and other recoveries to date, the receiver estimates it will be able to distribute additional funds to victims of the scheme, increasing their eventual recovery to 90-95% of their net losses. The federal court noted that this “is a remarkably favorable recovery for investors.”
Buchalter’s team was led by Mark Cramer, together with Jeffrey Wruble, William Miller, Oren Bitan, David Mark, and Michael Worth.
