The Almquist Group v. Bowen
The Almquist Group, LLC (Almquist Group) sought recovery from the Victims of Corporate Fraud Compensation Fund (the Fund), Corporations Code section 2280 et seq. The California Secretary of State (the Secretary of State), who administers the Fund, denied Almquist Group’s application for recovery. Almquist Group appealed the Secretary of State’s decision by filing a verified petition in the superior court for an order directing payment out of the Fund. The superior court granted Almquist Group recovery in the amount of $50,000.
Both Almquist Group and Debra Bowen, as the Secretary of State, appealed from the judgment. Almquist Group contends it is entitled to nearly $750,000 in recovery from the Fund; the Secretary of State contends Almquist Group is entitled to no recovery whatsoever from the Fund.
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