Judge Enters Default Judgment Of More Than $2M For Elder Fraud, UCL Claims

Mealey's (January 6, 2022, 1:18 PM EST) -- SACRAMENTO, Calif. — A California federal judge on Jan. 3 adopted a magistrate judge’s recommendations in full and entered a default judgment for damages and attorney fees against a group of financial entities accused of using a “leveraged forward contract scheme” to defraud an elderly man and his wife in violation of California law, including the unfair competition law (UCL), after the defendants failed to appear in the action....