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Check Cashing Bankruptcy

Baltimore, MD: (Oct-28-07) A&B Check Cashing, taken over by Global Express Money Orders, brought charges against trustee Zvi Guttman, alleging that the company was owed money in a bankruptcy proceeding. State regulators ordered Baltimore-based A&B to shut down in June 2006 amid allegations of a major check-kiting scheme. The firm filed bankruptcy days after the death of co-owner Alec Satisky, which the state medical examiner's office ruled a suicide. Records show that A&B owed Global Express nearly $2 million. Global spokespersons claimed that All A&B debts to Global Express were secured by an interest in A&B's property.

As part of a settlement reached, Global Express will receive a total of $210,000 from Guttman. Global Express filed a complaint against Guttman in 2006 seeking the $232,000 in cash A&B had on hand when it filed bankruptcy and $220,000 from the sale of A&B's assets. [BALTIMORE BUSINESS JOURNAL: CHECK CASHING]

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Last updated on Oct-29-07