Case Page

 

Case Status:    SETTLED
On or around 11/01/2002 (Date of order of final judgment)

Filing Date: February 01, 1996

On December 20, 1999, the Court entered the Order by U.S. District Court Judge J. S. Letts granting the October 8, 1999 plaintiffs’ motion for summary judgment. Sums in the amount of $51,065,688.63, $18,379,105.32 and $32,686,583.31 were recovered from certain defendants. On November 1, 2004, the case was removed from the active caseload. The case is now closed.

According to a press release dated February 2, 1992, investors, many of them elderly Southern Californians, poured $150 million into the company, the lawsuit contends, and have not received back any of their principal. The lawsuit also links Mustang to the operation of two Beverly Hills companies that federal authorities raided just before Christmas. The Securities and Exchange Commission is suing those firms, KS Resources and Lazar, Frederick & Co., to recoup $35 million allegedly taken from investors in a similar Ponzi scheme. Both firms denied any wrongdoing. The complaint states that the SEC, Justice Department, the Internal Revenue Service and the postal inspector, is investigating the company. Mustang, through several brokers also named as defendants, has sold partnership interests to about 6,000 investors since 1987, and KS Resources, through Lazar Frederick, sold similar investments to more than 2,000 people, according to the lawsuits. The lawsuit asserts that "very little" of the $150 million raised by Mustang was ever invested in gas and oil properties. Instead, the suit contends, Stein and others took the money for themselves and for earlier investors who were owed interest.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 96-CV-00720
JUDGE: Hon. John G. Davies
DATE FILED: 02/01/1996
CLASS PERIOD START: 01/01/1987
CLASS PERIOD END: 03/31/1995
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Albert, Weiland & Golden (Former Address)
    650 Town Center Drive, Suite 1350, Albert, Weiland & Golden (Former Address), CA 92626
    714.966.1000 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 96-CV-00720
JUDGE: Hon. John G. Davies
DATE FILED: 05/13/1997
CLASS PERIOD START: 01/01/1987
CLASS PERIOD END: 03/31/1995
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Albert, Weiland & Golden (Former Address)
    650 Town Center Drive, Suite 1350, Albert, Weiland & Golden (Former Address), CA 92626
    714.966.1000 ·
  2. Weiland, Golden, Smiley, Wang Ekvall & Strok, LLP
    Center Tower, 650 Town Center Drive, Suite 950, Weiland, Golden, Smiley, Wang Ekvall & Strok, LLP, CA 92626
    714.966.1000 714.966.1002 · info@wgllp.com
No Document Title Filing Date