Financial Plus Litigation

Informational Website for

Investors of Financial Plus Investments

 
 

The next status meeting for investors of Financial Plus Investments will be posted once a date and time are determined. 

 

The meetings are held at the offices of:

 

The Alliance of Californians for

Community Empowerment (ACCE)

3655 S. Grand Avenue, Suite 250

Los Angeles, CA 90007

Tele - (877) 633-9251


 

Please check back from time to time

for updates on investor meetings

and the status of the litigation.

NOTE: FOR THE MOST CURRENT UPDATES ON THE STATUS OF THE CASE, YOU MAY WANT TO PERIODICALLY CHECK THE COURT’S WEBSITE AND/OR THE CASE DOCKET THROUGH PACER.


FINAL APPROVAL OF THE CLASS ACTION SETTLEMENT GRANTED (July 24, 2014):  The Honorable Fernando M. Olguin has granted Final Approval of the Class Action Settlement.  (see Order and Judgment).

Please note that payments will not be issued to Settlement Class Members with valid claims until after Bank of America funds the settlement.  Per the terms of the Settlement Agreement, Bank of America  has 30 days from the effective date to fund the settlement.  The effective date is after the time to appeal has run.  If an appeal is filed, after that appeal is successfully resolved. http://www.cacd.uscourts.gov/http://www.pacer.govWelcome_files/BofA%20Order%20re%20Final%20Approval.pdfWelcome_files/Judgment%20re%20BofA.pdfshapeimage_4_link_0shapeimage_4_link_1shapeimage_4_link_2shapeimage_4_link_3
Recent Web Articles

“Latino Victims Say BOA Abetted Ponzi”

- “Juan Rangel: Serial Scammer Targeted L.A. Latino Community”http://www.courthousenews.com/2011/07/06/37902.htmhttp://www.loansafe.org/juan-rangel-scamshapeimage_5_link_0shapeimage_5_link_1

December 4, 2013 - the Honorable Fernando M. Olguin issued an order certifying the class action and preliminarily approving the class action settlement.  To view a copy of the Order, click here.


September 19, 2013 - a preliminary hearing for the approval of the class action settlement was held.  To review a copy of the transcript from the hearing, click here.


July 31, 2013 - The parties filed a joint status report (click here to view) notifying the Court that they anticipate filing the settlement agreement and motion for preliminary approval of the settlement by August 15, 2013.


June 20, 2013 - The Court issued an Order for the parties to file, on or before July 31, 2013, their Motion for Preliminary Approval of the proposed settlement between Plaintiffs and Defendant Bank of America, N.A. or a joint status report advising the Court when such Motion will be filed  (click here to view).


June 17, 2013 - Joint Status Report filed by the parties (click here to view).


December 17, 2012 - Plaintiffs filed a motion for class certification (click here to view).


October 5, 2012  Defendant Bank of America, N.A.’s motion to dismiss Plaintiffs’ complaint was denied by the Court.  To read a copy of the Order, click here.


September 5, 2012  An episode of the television program “American Greed” featuring the Juan Rangel - Financial Plus - Ponzi scheme aired on CNBC on Wednesday, September 5, 2012.  Check your local cable listings for details about repeat showings.


June 18, 2012  Pablo Araque, former tax preparer, was sentenced to a two-year federal prison sentence for his role in the mortgage fraud scheme.  He was also ordered to pay restitution of $1 million.  To read more, click here.


December 5, 2011 - A hearing for Defendant Bank of America, N.A.’s motion to dismiss Plaintiffs’ complaint was held on December 5th at 10 a.m. before the Honorable Dean D. Pregerson, Judge, United States District Court, Central District of California (Court Room 3 on 2nd Floor at Spring Street location).


August 29, 2011 - In response to Plaintiffs’ lawsuit, Bank of America filed a motion with the court seeking to dismiss certain of Plaintiffs’ causes of action.  Plaintiffs intend to timely oppose Bank of America’s motion which is currently scheduled to be heard on October 24, 2011 before the Honorable Dean D. Pregerson, Judge, United States District Court, Central District of California (Court Room 3 on 2nd Floor at Spring Street location).


June 30, 2011 - Class Action Lawsuit Filed Against Bank of America Related to Ponzi Scheme 

Bank of America was named as a defendant in a class action complaint filed today in Los Angeles Superior Court on behalf of hundreds of LA homeowners and investors who lost millions of dollars in a highly complex Ponzi scheme run by one of Los Angeles’ most notorious fraud operators, Juan Rangel. The lawsuit, filed by Capretz & Associates and the law firms of Pearson, Simon, Warshaw & Penny, LLP, and Girardi & Keese, alleges that Bank of America employees as well as bank management were aware or should have been aware of the Ponzi scheme and despite such knowledge provided banking services to Juan Rangel and his associates. Notably, Dony Gonzalez, a former Bank of America branch manager was indicted and pled guilty to receipt of bribes by Juan Rangel.

The lawsuit alleges that from about November 2007 to July 2008, Rangel used his firm, Financial Plus Investments, as well as other financial companies he owned, to defraud middle-class working families through investment, mortgage and foreclosure rescue schemes that netted Rangel about $30 million. Rangel’s firms shut down in July 2008 and


Rangel was arrested by federal agents in August 2008.

Also named as a defendant in the class action lawsuit is Pablo Araque, who provided accounting services to Financial Plus. Araque has been indicted and is currently scheduled to go to trial in February 2012.


To view a copy of the Complaint, click here.

Status of the Litigation
Status Letters

       2/17/12 Letter (English version, Spanish version)Welcome_files/Financial%20Plus%20Status%20Letter%20-%20English%20Version%20-%202-17-12.pdfWelcome_files/Financial%20Plus%20Status%20Letter%20-%20Spanish%20Version%20-%202-17-12.pdfshapeimage_7_link_0shapeimage_7_link_1

Para más información y asistencia en español, favor de comunicarse con Claudia Carrera al número (949)724-3000 ó llamenos a nuestro número de servicio gratuito 1-800-351-8588.

 

(For further assistance and information in Spanish, please contact Claudia Carrera at 949-724-3000 or at our toll free number 1-800-351-8588.)

 

 

ENGLISH

Capretz & Associates is a boutique law firm with a national practice and is located in Newport Beach, California.  In addition to class action litigation, our firm represents clients across the United States with consumer fraud claims, serious injuries and death claims, and claims arising from defective medical devices and pharmaceuticals drugs. 

 

For a no cost case evaluation call our toll free number at 800-351-8588.

 

 

SPANISH

Capretz & Associates es una firma boutique con una práctica nacional y se encuentra localizada en Newport Beach, California. Además de demandas colectivas, nuestra firma representa a clientes en todos los Estados Unidos con reclamos de fraude al consumidor, serias lesiones y reclamos de muertes injutas y lesiones/daños causados por el uso de dispositivos médicos y medicamentos farmacéuticos defectuosos.

 

Para una evaluación gratuita de su caso llámenos a nuestro número gratuito al 1-800-351-8588.
 
Next Status Meeting - to be announced
SETTLEMENT WEBSITE - CLICK HERE (ARREOLA v. BANK OF AMERICA)http://www.financialplussettlement.com/Home.aspxshapeimage_12_link_0

You may review the Settlement website’s Frequently Asked Questions and the Detailed Notice for more details on who is eligible for benefits under this settlement and what steps Settlement Class Members need to take to receive benefits under this settlement.  All of the necessary settlement related documents can be found at the Settlement Website.

If the Court approves the class action settlement, the Claims Administrator appointed by the Court will make the payments that the settlement allows after the Effective Date of the settlement occurs, as explained on the FAQ page. You may receive payment if you are a Settlement Class Member and submit a valid, timely, and completed Claim Form, including a completed Form W-9.

On April 24, 2014 at 10:00 a.m., the Court will hold a hearing to decide whether to give final approval to the settlement. Payments will be issued to Settlement Class Members with valid claims after the Court grants “final approval” and after any appeals are resolved. If an appeal is lodged, resolution can take time. Please be patient.

For more information, you can Call:  1-866-940-3611  or  Write: Please include your name, mailing address and the nature of your request or question: 


                  Arreola v. Bank of America
                  Claims Administrator
                  PO Box 2876
                  Portland, OR 97208-2876