Location: New Jersey, America
Hey yall, looking for some clarity regarding terminology and specifications of a case my relative is involved with:
It’s the NRIA Real Estate Ponzi scheme that happened a few years back. Long story short, the CEO and CFO were criminally charged and convicted of the ponzi and will face 12 years in jail. Subsequently, NRIA filed for Chapter 11 Bankruptcy and owe millions to victims.
Here’s my curiosity: Now several other former accomplices are listed as defendants in a “Complaint’ Filed in the NJ Bankrupty Court Division. The victims are looking to recover millions of dollars that were stolen
So, is this only ‘civil’ as opposed to ‘criminal’?
Within the ‘Complaint’, there is a list of ‘Counts’. Some of these include
‘Conspiracy to Commit Fraud’
‘Breach of Fiduciary Duty’
‘Theft By Deception’
‘Unjust Enrichment’
‘Securites Fraud’
Among others. But it only reads like the Plainfiffs (a liquidation trustee) are seeking monetary reimbursement. It doesn’t state anywhere that they’re pursuing ‘criminal charges’ anywhere.
But are these offenses punishable by jailtime or are they just ‘civil’? I guess I’m just unclear about the types of charges these are and whatnot. It’s under the NJ Bankruptcy Court as opposed to the SEC or a ‘District Court’ or whatnot so I’m confused.
When I look up consequences of Theft By Deception, it says its punishable by jailtime. I guess I’m just confused by the protocol here and the jargain: is a ‘Complaint’ even a real lawsuit? Etc etc, etc, etc.
Any clarity would be appreciated. Thanks.