SFMS Secures Positive Jury Verdict In CGC Holdings

On May 15, 2017, the jury reached a verdict in CGC Holding Company, LLC, et al. v. Hutchens, et al., 11-cv-1012-RBJ-KLM (D. Colo.), finding that the defendants violated the Racketeer Influenced and Corrupt Organizations Act. Plaintiffs alleged that the defendants implemented a loan fraud scheme that was designed to extract monies from the Plaintiffs, who applied for loans that were never made to them, and were also deceived into advancing substantial loan processing fees, which were not refunded when the scheme was discovered. In reaching the verdict, the jury awarded the certified class with $8,421,367 in damages.

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