Investment Business Weekly
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Regional - Midwest Banks
FirstMerit Settles Lawsuit With Matthew L. Fornshell, the Receiver for Joanne and Alan Schneider
August 7th, 2011
FirstMerit Corporation (Nasdaq: FMER) and Matthew L. Fornshell, in his capacity as Receiver for Joanne and Alan Schneider, announced a settlement of Mr. Fornshell's lawsuit against FirstMerit Bank, N.A. The lawsuit relates to the collapse of an alleged Ponzi scheme orchestrated by the Schneiders. As part of the scheme, the Schneiders illegally sold investors promissory notes guaranteeing annual interest as high as 18%. Following an investigation by the Ohio Division of Securities, and the subsequent collapse of the Schneider's scheme, Mr. Fornshell was appointed Receiver for the Schneiders and the companies they owned. Mr. Fornshell's lawsuit against FirstMerit Bank, which was commenced in...
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Source: Investment Business Weekly (2011-08-07)
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