William Roshak has received a $470,000 settlement for his Profit Connect scam.
The agreement came as a result of a $500,000+ clawback lawsuit brought against Roshak late last year.
According to the Profit Connect Receiver, Roshak got more than $500,000 of the $3 million paid out by Profit Connect.
Roshak earned his fraudulent Profit Connect profits through his firm, William George Photography, and his current wife, Luzhanska.
According to the Receiver’s August 1st Status Report filing;
The parties met with Magistrate Judge Weksler for mediation and negotiated an agreement in which Roshak agreed to refund $470,000 to the receivership estate.
Under the terms of the arrangement, Roshak may access the monies by withdrawing from his PERS account and refinancing his house, or by selling his home.
The agreement obliged him to specify how he will fund the payment by July 29, 2022.
Roshak has notified the Receiver that he intends to pay the settlement requirements using his public retirement account and the refinancing of a Las Vegas property.
William Roshak and Tetiana Luzhanska have agreed to refund $470,000.00 to the Receiver jointly and severally.
Although the Receiver is releasing the defendants from all claims that could have been asserted in the litigation, that release will be null and void if the Receiver discovers transfers of $10,000 or more to or for the benefit of Roshak and his wife that were not previously identified to the Receiver.
The court has yet to accept Roshak’s settlement at the time of publishing.
Roshak’s settlement was granted by the court on September 16, 2022.
The court halted the Receiver’s clawback complaint against Roshak on September 13th, awaiting “fulfillment of the settlement conditions.”
I don’t expect any problems, thus this concludes our coverage of Profit Connect’s clawback actions against Roshak.
If the Receiver reports that Roshak has not followed the agreed-upon settlement parameters, I will reconsider.
19th of November, 2022 – William Roshak is having difficulty meeting his Profit Connect settlement.
This is from the Profit Connect Receiver’s Fifth Status Report, dated November 15th.
So far, PERS has refused to allow Mr. Roshak to make a partial withdrawal from his PERS account.
Mr. Roshak’s lawyer has filed an appeal against the conclusions of PERS counsel.
Meanwhile, the Receiver is keeping an eye on the issue, and the litigation has been halted until the conclusion of settlement agreements.
In related developments, pending the outcome of continuing investigations, the Receiver expects to pursue “further clawback actions.”