Home Scam/Fraud Investment Firm Settles Investors’ Class Action For $15M

Investment Firm Settles Investors’ Class Action For $15M

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Law360 (June 22, 2021, 5:32 PM EDT) — Collins Asset Group LLC has agreed to pay $15.75 million to settle claims from investors that it orchestrated a scheme bilking investors out of $24 million in retirement savings, in a deal approved Monday by a Georgia federal judge.

The agreement, which U.S. District Judge Eleanor Ross called “an extraordinary result,” will repay roughly 65% of the money Collins raised from investors as part of the alleged scam. Class members, which include those who lent money to shell companies affiliated with Collins, will get a pro rata share of what they lost, according to the settlement.

The agreement ends two lawsuits involving…

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