FAST CITY – A lawsuit filed in October within the Wakpamni Lake navigate to this web-site Community Corporation scandal that defrauded retirement trust funds of $43 million, alleges three lawyers and many individuals included, did not perform their homework into the issuance of “worthless” bonds and it is waiting to attend trial.
The Wakpamni Lake Community Corporation, situated on the Pine Ridge Indian Reservation, designated by the U.S. Census Bureau among the poorest areas within the country, ended up being the target of the complicated scheme orchestrated to use these unsica (poor) individuals as a front side to enrich on their own.
The key perpetrators had been caught and tend to be presently serving jail that is federal for securities fraudulence.
Nevertheless the trust funds which were bilked away from $43 million believe more folks and law that is several are culpable into the scheme and now have filed suit.
The scenario, filed by Chicago Transit Authority Retiree medical care Trust therefore the Board of Trustees for the Chicago Transit Authority Retiree medical care Trust (RCHT) is targeted at the statutory law offices Dilworth Paxson, LLP; Timothy Anderson; and Greenberg Traurig, LLP
Based on the brief filed on October 18, 2019, when you look at the Circuit Court of Cook County, Illinois County Department, Law Division the “lawsuit comes from the Defendants’ involvement in, and help with, the issuance of $43 million in useless bonds (the “Bonds”) to unwitting general public retirement funds, including RHCT. The Bonds weren’t element of the best finance that is public, but alternatively a unlawful scheme to enrich a few people attached to the Defendants, including wellВ known fraudster, John Galanis, their son, Jason Galanis (collectively, the “Galanises”), and flyВ by-night tribal financiers, Steven Haynes and Raycen Raines, the latter allegedly had been romantically involved in the Greenberg partner Heather Dawn Thompson representing the issuer through the transaction.”
In line with the lawsuit Heather Dawn Thompson, an associate of this Cheyenne River Sioux Tribe, whom once served as a federal prosecutor and presently someone at Greenberg Affiliated within their Denver office, ended up being employed in 2014 by Raycen Raines the CEO of this WLCC to express them in bond deal.
The brief states, “In or around might, 2014, Timothy Anderson informed Raines which he will be representing the Galanis’s and their organizations into the relationship deal, rather than their client that is former WLCC. Because of this, Raines had a need to find counsel that is separate express WLCC.
Heather Dawn Thompson (“Thompson”) is really a partner with Greenberg connected to its Denver workplace, but life in South Dakota near or regarding the Oglala Sioux’s Pine Ridge Reservation.
Thompson, whom focuses primarily on issues associated with law that is tribal financial development, served as Greenberg’s main customer relationship lawyer for the relationship deal.
Thompson ended up being Raines that is allegedly dating’s CEO, during the time Greenberg represented WLCC into the Wakpamni bond deals, and also the two are now actually hitched.
Thompson ended up being assisted by two lovers from Greenberg’s Denver workplace: Michael McGinnis and Jennifer Weddle. McGinnis can be a bond that is experienced and member of the nationwide Association of Bond solicitors.”
In line with the lawsuit Raines had formerly incurred critique if you are associated with that which was termed lending that is“predatory techniques into the set-up of pay day loan businesses which allegedly place him at chances because of the leadership of this Oglala Sioux Tribe.
Next Up: Hunter Biden, son of previous vice president Joe Biden, implicated in Wakpamni Lake scandal. Later on within the show: an answer from Wakpamni Lake Community Corporation.