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Consumer Law Keyed to Whaley, 9th Ed.
In re Venture Mortgage Fund, L.P.
Citation:
282 F.3d 185 (2002)Facts
In the early 1990s, David Schick solicited investments from Theodore Brodie and ATASSCO by promising risk-free returns exceeding 20% per annum through mortgage flip transactions. Schick claimed the funds would remain in escrow accounts as earnest money for bidding on distressed mortgage pools. Initially, Brodie loaned $500,000 in August 1992, and ATASSCO loaned $2.75 million in July 1995, with Venture Mortgage meeting all obligations at the promised rates. Pleased with these returns, appellants sought additional investment opportunities. In December 1995, Brodie rolled over $200,000 in principal and ATASSCO loaned $1.1 million in new funds, both at 27% annual interest. In February 1996, ATASSCO loaned an additional $850,000 at the same rate. In May 1996, creditors filed an involuntary Chapter 11 petition against Schick and his entities. In 1997, Schick pleaded guilty to bank and wire fraud related to his Ponzi scheme. Appellants filed claims against the bankruptcy estates, which the trustees moved to expunge based on usury.
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