Interactive Brokers Group was hit with a securities class action Monday in California Northern District Court alleging that the company knowingly facilitated a Ponzi scheme. The lawsuit, brought by Erickson Kramer Osborne, arises from a scheme perpetuated by a lucrative Interactive customer in which she defrauded investors of $14 million before she was arrested and sent to prison. Interactive is accused of disregarding internal red flags to provide aid to the fraud. Counsel have not yet appeared for the defendant. The case is 5:21-cv-05967, Chang v. Interactive Brokers LLC.
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