Court-appointed receiver files lawsuit against Wallace-Bajjali

The court-appointed receiver in the BizRadio case  in which Wallace-Bajjali and their partners fleeced investors out of millions filed a lawsuit Thursday in U. S. District Court for the Southern District of Texas seeking the $1.2 million the firm promised to repay the investors.

As noted in the Turner Report Thursday, both Wallace and Bajjali resigned from their company, plus several other related companies after the receiver, Thomas E. Taylor III, demanded payment in full.

As part of the original agreement after the Securities and Exchange Commission came down hard on Wallace-Bajjali in 2012, Wallace and Bajjali each had to pay $60,000 fines and they were required to repay the investors by December 31, 2014.

Wallace-Bajjali kept putting off deadlines, saying that the money would soon be coming in from their work in Joplin and Amarillo, but almost nothing was repaid to the investors and the receiver acknowledged in a July court document that he was not expecting Wallace-Bajjali to meet the December 14 deadline.

The details on the money the receiver is seeking and the efforts that were made to get Wallace-Bajjali to pay up can be seen in last night's Turner Report post.