Dismissal Of Ponzi Scheme Suit Against Auditors As Time-Barred Upheld

Mealey's (September 10, 2018, 2:14 PM EDT) -- NEW YORK — Investors failed to show that the statute of limitations on their aiding abetting fraud claims against auditors for investment firms found to have orchestrated a Ponzi scheme should be tolled because the investors were on notice of the fraudulent scheme by April 2010 but failed to conduct a proper investigation into the auditors’ role in the fraud, a Second Circuit U.S. Court of Appeals panel ruled Sept. 6 (Deanna M. Ayers, et al. v. Piaker & Lyons P.C., et al., Nos. 17-3513 and 18-716, 2nd Cir., 2018 U.S. App. LEXIS 25267)....