It’s been a tough month for law firms looking to be paid for their work on the receivership case connected to WexTrust Capital, a Chicago-based real estate investment firm that collapsed in 2008 after the Securities and Exchange Commission charged two of its executives with running a Ponzi scheme that defrauded 1,200 primarily Orthodox Jewish investors.
The SEC charged WexTrust Capital illegally diverted $100 million of the $255 million it raised to invest in commercial real estate, commodity funds and South African diamond mines for other purposes.
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