William Roshak settles Profit Connect fraud for $470,000
William Roshak has settled his Profit Connect fraud for $470,000.
The settlement was reached following $500,000+ clawback lawsuit, filed against Roshak late last year.
As alleged by the Profit Connect Receiver, Roshak received over $500,000 of the $3 million Profit Connect paid out.
Roshak received his ill-gotten Profit Connect gains through his company William George Photography, and current wife Luzhanska.
As detailed by the Receiver in an August 1st Status Report filing;
The parties attended mediation with Magistrate Judge Weksler and reached a settlement at that mediation pursuant to which Roshak has agreed to return $470,000 to the receivership estate.
Roshak had the option under the agreement of obtaining the funds by either making a withdrawal from his PERS account and refinancing his home, or by selling his home.
The settlement required that he decide how he is going to fund the payment by July 29, 2022.
Roshak has informed the Receiver that he will satisfy terms of the settlement via his public retirement account, and refinancing of a Las Vegas property.
William Roshak and Tetiana Luzhanska, jointly and severally, agree to return $470,000.00 to the Receiver.
Although the Receiver is giving the defendants a release of all claims that could have been asserted in the litigation, that release will not apply if the Receiver discover transfers of $10,000 or more that were made to or for the benefit of Roshak and his wife that were not previously identified to the Receiver.
At time of publication the court has yet to approve Roshak’s settlement.
Update 16th September 2022 – The court has approved Roshak’s settlement.
On September 13th the court ordered the Receiver’s clawback case against Roshak stayed, pending “completion of the settlement terms”.
I’m not anticipating any hiccups so this ends our coverage of Profit Connect clawback proceedings against Roshak.
If the Receiver reports Roshak hasn’t complied with the agreed on settlement terms I’ll revisit.
Update 19th November 2022 – William Roshak is having trouble satisfying his Profit Connect settlement.
This is from the Profit Connect Receiver’s November 15th Fifth Status Report;
PERS has so far declined to permit Mr. Roshak to make a partial withdrawal from his PERS account.
Mr. Roshak’s counsel has appealed the findings issued by PERS counsel.
In the meantime, the Receiver is monitoring the situation and the litigation is stayed pending the completion of settlement terms.
In related news the Receiver intends to file “additional claw back actions”, pending the outcome of ongoing investigations.
Article updated with approval of Roshak’s Profit Connect settlement.
Article updated with potential Roshak settlement hiccup.