FirstMerit "Ponzi Scheme" Case Update: Transfer to State Court
In this case, we seek to represent the victims of Joanne Schneider's "Mortgage Escrow" Ponzi scheme and to recover damages from the bank which "cleared" most of the investment transactions. Our clients assert there were warning-signs or "red flags" that ought to have alerted the bank that its customers were engaged in misconduct and that he bank improperly ignored these. Until recently, our case was pending in Federal Court. Recently, the Judge decided that the case belongs in state court. The case was thus transferred to the Cuyahoga County Court of Common Pleas, and has been assigned to the docket of the Hon. John P. O'Donnell.