Attorney Michael P. Denver of Hollister & Brace, APC, along with attorney Robert L. Brace, has filed a class action complaint in Federal Court in Los Angeles on behalf of people who purchased ATM machines sold by Nationwide Automated Systems, Inc. (“NASI”). The complaint alleges that the two Calabasas-based principals of NASI, Defendants Joel Gillis and Ed Wishner, ran a Ponzi scheme at NASI for over 15 years, enticing investors from several states into buying ATMs located in various parts of the country which NASI then “leased-back” from the investors in exchange for “rent” generated by the $2.00 to $3.00 transaction fees paid each time the ATM was used. Defendants Gillis and Wishner have plead guilty to Federal crimes which they committed in the course of the alleged Ponzi scheme and they currently reside in Federal correctional facilities. The complaint alleges that Gillis and Wishner’s misconduct was known to, and substantially assisted by Defendant City National Bank (“CNB”). The complaint alleges that CNB is liable to the class members and must pay the class members’ damages. The complaint can be viewed here. Anyone who invested in NASI and who would like to assist in the investigation may fill out a NASI claim form that may be viewed here.
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