Palm Beach Post: Florida files suit to recoup Digital Domain cash, ‘de facto Ponzi scheme’

Click on page to see the entire 71-page filing.(Source: Palm Beach Post)

 

 

The Department of Economic Opportunity filed the suit against Digital Domain Media Group and related parties including former head, John Textor of Jupiter Island.

The suit maintains the venture was a “de facto Ponzi scheme” that lured a $20 million grant from the state and more than $60 million dollars from St. Lucie and Palm Beach counties. In September 2012, the company filed for Chapter 11 bankruptcy and laid off its 280 workers in Port St. Lucie.

A statement by the office of Gov. Rick Scott  Tuesday said the money was “fraudulently gained through false assurances, material misrepresentation and an organized scheme to defraud the state of Florida.”

For the complete story: http://protectingyourpocket.blog.palmbeachpost.com/2014/07/22/florida-files-suit-to-recoup-digital-domain-cash/

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