A huge loss doesn't really mean all is completely over, so long as there's justice.
Investors who fell in too deep with a New York investment manager, who allegedly pleaded guilty to using their hard-earned cash only to complement his lavish lifestyle, have a chance to recover some of their lost money, according to nytimes.com.
The Panoramic View Resort in Montauk, New York was the product of the said scheme, in which Brian R. Callahan and his brother-in-law tricked investors into putting up to $96 million in investment money for the said resort. The trickery was said to have been one of the most publicized frauds in Long Island history, according to the same article. What the men did not know was that the investors were able to find a loophole with their knowledge on the real estate market, and would likely be able to stand a chance at getting some of their money back.
The high end property was rundown when the two men were able to purchase it through the original owner for only $38 million and proceeded to renovate the old resort. However, after the property was restored to its glory that the unthinkable happened. The stock market collapsed and the men were in the run basically from lenders, especially the investors.
Ibtimes.co.uk featured an older article on the events that followed suit after the brothers-in-law were found guilty of mismanaging the said funds. Loretta Lynch, a US attorney who kept track of the case that time, was quoted as saying "Through lies and deceit, he misled investors and stole investor funds, including investments from a local fire department, to support a lavish lifestyle and operate a multimillion-dollar Ponzi scheme." Read more about the Ponzi scheme here.
True, nothing and no one can really escape the law.
