Midcoast publisher sues investment firm
A midcoast-based publisher and his wife have sued a former Merrill Lynch executive and his investment firm for allegedly losing more than $2 million of their money through the Bernard Madoff Ponzi scheme.
Daniel and Suzanne Goldenson of Bremen Wednesday filed the lawsuit against John "Launny" Steffens and his company, Spring Mountain Capital, in U.S. District Court, seeking a jury trial and damages for 11 fraud-related charges, according to the Portland Press Herald. Daniel Goldenson -- who has founded and sold three publishing businesses, including the sale earlier this month of Starting Out Inc. to McGraw-Hill for an undisclosed sum -- alleges $2.5 million the couple invested with Steffens' company was fed to Bernard L. Madoff Investment Securities LLC and lost in the massive Ponzi scheme Madoff orchestrated until its discovery in 2008. The suit also names Spring Mountain Capital COO Gregory Ho.
Attorneys for Steffens and Ho said the Goldensons' claims "lack merit" and said their clients intend to defend themselves against the charges, according to the paper.
Go to the article from the Portland Press Herald >>
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