Law360 (August 24, 2021, 9:32 PM EDT) — A Florida federal judge on Tuesday approved a settlement that will allow a court-appointed receiver to claw back $1.3 million from investors who received “false profits” from an alleged $170 million Ponzi scheme run through a Florida real estate company.

The settlement covers 76 of 251 investors in EquiAlt LLC whom the receiver, Burton W. Wiand, has identified as “net winners,” meaning they received their initial investment back plus additional interest payments, according to court records. Those additional payments were not legitimate profits, but money that was redistributed from other investors, Wiand said.

According to his motion for approval of the…

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