According to an article in The Fresno Bee, a jury in Fresno County Superior Court found HL Leasing’s president Dan Ramirez and CFO Andy Fernandez liable for their role in a leasing company Ponzi scheme. However, the 1,200 victims will likely only collect a fraction of the $46.5 million award because the defendants claim they do not have enough money to pay the full amount.

The article reports that three days before the jury’s decision, Fresno County Superior Court Judge Donald Black found HL Leasing, Heritage Pacific Leasing and Air Fred liable for defrauding the victims.

John W. Otto owned the three companies and allegedly began the Ponzi scheme. He committed suicide in 2009, the article noted.

To read the entire Fresno Bee article click here.

Previously on monitordaily: Investors Sue Leasing Company Participants in Ponzi Scheme, published March 30, 2011