Facciola v. Greenberg Traurig LLP

2011 WL 2268950 (2011)

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Facciola v. Greenberg Traurig LLP

United States District Court for the District of Arizona
2011 WL 2268950 (2011)

  • Written by Robert Cane, JD

Facts

Mortgages, Limited and Radical Bunny, LLC offered investment products for sale. However, Mortgages and Radical Bunny were operating a Ponzi scheme. During the course of its operations, Mortgages retained Greenberg Traurig LLP (Greenberg) (defendant) as legal counsel. Robert Kant was Greenberg’s lawyer who was responsible for representing Mortgages. Kant knew that Mortgages and Radical Bunny had been committing violations of state and federal securities law. Yet, Kant prepared false and misleading private-offering memoranda for Mortgages and Radical Bunny, which were used to solicit investors. Kant also advised Mortgages and Radical Bunny on how to further ongoing securities sales. Eventually, Mortgages became insolvent, of which Kant was aware. Despite this knowledge, Kant prepared more private-offering memoranda for Mortgages without any disclosure regarding the risks associated with investing with Mortgages. Ultimately, both Mortgages and Radical Bunny collapsed financially and filed for bankruptcy. Investors (plaintiffs) sued Greenberg under the Arizona Securities Act for participating in or inducing the unlawful sale or purchase of securities. Greenberg filed a motion to dismiss the investors’ claims.

Rule of Law

Issue

Holding and Reasoning (Martone, J.)

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