A federal jury has deadlocked in determining if Umpqua Bank aided a financial fraud that defrauded over 1,200 investors of more than $250 million. The trial featured a class-action lawsuit by aggrieved investors. Deliberations began on February 26 and concluded without a verdict. Investors expressed shock and disappointment over this outcome, while legal representatives planned to hold another trial in April. The fraud was orchestrated by businessman Ken Casey and accomplice Lewis Wallach through entities that mismanaged investor funds, often diverting them for personal use instead of intended real estate investments.
A federal jury has deadlocked in a trial regarding Umpqua Bank's alleged involvement in a scheme that defrauded 1,200 investors of over $250 million.
Philip Lastreto, an investor, expressed disbelief over the jury's inability to reach a verdict, highlighting the impact of the financial scheme on many individuals.
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