A wealthy investor who accused Holland & Knight of facilitating a Ponzi scheme was not entitled to the $34.5 million verdict that a jury awarded him in 2012, a California appeals court ruled April 2.
The plaintiff, Rahim Sabadia, claimed that he lost $16 million in cash, and incurred an additional $18 million in loan obligations, in a series of real estate investments that H&K structured on behalf of an Atlanta developer.
That developer, M. Shi Shailendra, came under SEC scrutiny for defrauding investors and was permanently barred from selling securities in 2014.
Sabadia filed this suit against H&K in ...
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