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A district court lacked jurisdiction to declare that the receiver in the Credit Bancorp scandal could favor the interests of the investment firm's customers over tax debts owed the federal government, the 2nd U.S. Circuit Court of Appeals ruled Thursday. The ruling was the latest in a case brought by the SEC alleging the investment firm ran a huge Ponzi scheme in which customers lost tens of millions of dollars.
July 19, 2002 at 12:00 AM
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The original version of this story was published on Law.Com
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