The lawsuit was withdrawn without prejudice, meaning it can be filed again at a later date.
The investors claimed Wallace-Bajjali Wallace-Bajjali Development Partners operated a Ponzi scheme that ripped them off for more than $4 million that went to a failing media operation called BizRadio, an operation that was investigated by the federal Securities Exchange Commission.
The lawsuit was similar to other unsuccessful legal actions taken by the investors since the SEC reached an agreement with David Wallace and Costa Bajjali in 2012 that resulted in $60,000 fines for each man and required them to repay $1.2 million to investors with all but $450,000 coming from related companies.
The $450,000 was the only part that the Wallace-Bajjali firm was directly responsible for repaying, was due by December 31, 2012 and the WBDG could have received a $150,000 discount if it had paid early, but to date, it has not paid one cent.
David Wallace, in a sworn statement filed in federal court gave reasons why WBDG could not pay it on time and eventually the deadline was extended until December 31, 2014.
The $450,000 was the only part that the Wallace-Bajjali firm was directly responsible for repaying, was due by December 31, 2012 and the WBDG could have received a $150,000 discount if it had paid early, but to date, it has not paid one cent.
David Wallace, in a sworn statement filed in federal court gave reasons why WBDG could not pay it on time and eventually the deadline was extended until December 31, 2014.
and still have not turned one shovel of dirt here what a joke people here need jobs what do we get a scham sad
ReplyDeleteWonder if they finally decided it was a fools errand to pay legal fees to collect monies that will never be there to collect.
ReplyDeleteJudgement proof?