Shareholders James Ware and Mark Kimball and associate Courtney Bhatt recently secured judgment against a developer of a purported EB-5 regional center on behalf of one of the investors in the project. The basis of the judgment was securities fraud under the Washington State Securities Act (WSSA). The total award to the investor exceeded $740,000.00. When MDK Law first initiated this action against the company and its founder, MDK Law sought and obtained a preliminary injunction that required the company to place the investor’s initial investment into a blocked account that could not be accessed absent court order. As a result, MDK Law was able to ensure that the investor immediately recouped the investor’s initial investment (which exceeded $500,000) and then obtained a judgment for attorney fees and statutory interest pursuant to RCW § 21.20.430. Because of MDK Law’s initial aggressive stance in the litigation, the investor was able to recoup the investor’s initial investment almost immediately after entry of judgment instead of having go through the laborious process of enforcing a judgment.
This matter represents the third securities fraud case that MDK Law has brought on behalf of aggrieved investors in the past three years that yielded a multiple six-figure or larger award or settlement for the firm’s clients.