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Income Store's scam victims likely to get little relief from asset auction


But victims shouldn’t expect the auction to compensate them for much of their losses.
The Income Store developed and operated websites for investors for $50,000 to $500,000 apiece, running them from an office at 1001 Millersville Road, as LNP | LancasterOnline has previously reported. The company promised the investors they’d receive annual returns of 12% to 30%, or 50% of the website’s annual revenue, whichever was greater.
However, the websites were not nearly as lucrative as promised, leading The Income Store to use money from new investors and new loans to pay the promised returns to existing investors, according to the U.S. Securities and Exchange Commission and federal prosecutors. ....

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PNC Ducks Suit Over Alleged Role In $75M Ponzi Scheme


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PNC Ducks Suit Over Alleged Role In $75M Ponzi Scheme
Law360 (February 10, 2021, 9:25 PM EST) An Illinois federal judge has tossed all claims leveled against PNC Bank and some claims against Heartland Bank in a suit brought by two investment firms and a Pennsylvania man alleging the banks aided and abetted a $75 million Ponzi scheme.
U.S. District Judge Sara L. Ellis said in a Tuesday opinion that allegations brought by PLB Investments LLC, A.S. Palmer Investments LLC and John Kuehner do not support an inference that PNC Bank NA, a subsidiary of Pittsburgh-based PNC Financial Services Group Inc., allowed the company Today s Growth Consultant Inc. and owner Kenneth Courtright to misappropriate investor funds knowingly or. ....

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