On March 2, 2010, the North Carolina Court of Appeals upheld a securities fraud verdict that Martin & Jones obtained in December 2008. The three appellate judges ruled 3-0 in favor of upholding the Wilson County jury verdict against a man named Rip Rainey who defrauded our senior citizen clients in the sale of fraudulent investments.
The jury verdict included a $1.25 million dollar punitive damages penalty against the defendant for knowingly deceiving and defrauding these senior citizens. The defendant intentionally withheld material information about the risks and legitimacy of the investments. We are proud of our clients for their courage to insist on their day in court to make sure justice prevailed. We are also proud of the Wilson County jury who sent a strong message that fraud, particularly against senior citizens, cannot be tolerated. You can read the opinion of this securities fraud case here.
This published opinion becomes part of the body of North Carolina case law on fraud and securities law. We hope it serves as a strong deterrent against future securities abuses. If you have been cheated in a fraudulent investment scheme, contact the North Carolina Department of Justice or the Securities Division of the North Carolina Secretary of State’s Office. You can also contact us if you would like to discuss your options with an attorney on how to recover money lost in a fraudulent investment scheme.