Kenneth Bell, the Zeek Receiver, is asking the Court to approve a Settlement agreement to resolve the civil case filed against Gerald Nehra, paid legal compliance mouthpiece for sanitizing alleged Ponzi schemes. The Motion starts like this: (emphasis added)
“Following settlement discussions, the Parties have entered into a Settlement Agreement with the effective date of December 8, 2015 for the purpose of resolving this matter and to avoid the cost and expense of further litigation. The Receiver believes this settlement, which recovers $100,000 for the Receivership estate based on the defendants’ financial condition and includes a Confession of Judgment for $100 million and an acknowledgement that “RVG in fact operated an unlawful Ponzi and pyramid scheme,” is in the overall best interests of the victims of the scheme and in fulfillment of the Receiver’s duties.”
The Motion goes on to mention the “Likelihood of Success and Complexity of Litigation”, the “Difficulty of Collection”, and that “Settlement is in the Best Interests of Victims”.
Accordingly, the RVG Receiver respectfully requests the Court enter an order approving the Settlement Agreement attached as Exhibit 1, authorizing the RVG Receiver to perform according to the terms of the Settlement Agreement and granting such further and other relief as the Court deems just and equitable.
Respectfully submitted this 11th day of December, 2015
Here is a link to the Settlement Agreement Exhibit 1 .