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Pearson Warshaw, LLP filed a class action on June 30, 2011 against Bank of America and accountant Pablo Araque for aided and abetting a fraudulent financial scheme that targeted Spanish speaking investors in Los Angeles. Juan Rangel orchestrated the fraudulent scheme through a company known as Financial Plus Investments, Inc.

Rangel pleaded guilty in October 2010 to one count of mail fraud and one count of money laundering. In February 2011, he was sentenced to 22 years in federal prison for the Ponzi scheme. The lawsuit is brought on behalf of approximately 700 investors in Financial Plus Investments, Inc. You can download a copy of the Complaint filed by Pearson Warshaw, LLP is available for download. If you are a member of the plaintiff class and want additional information about the lawsuit, please contact Pearson Warshaw, LLP.