“The scheme raised more than $400 million in capital since 2011 through the sale of the notes, and there are currently more than $300 million in outstanding notes held by more than 1,000 current investors,” the complaint states. “Even though the notes have fully matured, the [Para Longevity companies] and other receivership entities do not possess any significant underlying assets to pay back the monies owed to plaintiff and the class.”
Wells Fargo declined to comment, and representatives for Millstein and Seeman did not immediately respond to requests for comment. Schwartz and Holtz are deceased.
The suit seeks damages, civil penalties, and a jury trial.
Millstein is represented by Seth Miles, David M. Buckner, and Brett E. von Borke of Buckner & Miles, Scott L. Silver, Ryan A. Schwamm, and Peter M. Spett of Silver Law Group, and James D. Sallah and Joshua A. Katz of Sallah Astarita & Cox LLC.
The case is Millstein v. Wells Fargo Bank NA, case number 1:24-cv-22142, in the U.S. District Court for the Southern District of Florida.
