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Michael Hackard Wins Super Lawyer Award

Posted in Legal Representation

When you’re seeking out an attorney, you’ve got a challenge you need resolved. And not just any attorney will do – you need a trusted name, someone who stands for legal excellence and compassion. Practicing law in Sacramento and throughout Northern California for 38 years, Michael Hackard of Hackard Law has earned the trust of his clients by exercising leadership in the management of business and legal challenges. Now Michael Hackard has received additional recognition for his work, receiving the status of Super Lawyer this July.

Why should the title of Super Lawyer matter to someone in need of legal services? Super Lawyers is a nationwide registry of outstanding attorneys who have demonstrated high skill and professionalism in their field. In order to be honored with this status, a nominated attorney must first undergo a process of peer review, independent research and evaluations by colleagues.

While everyone likes recognition, the most essential factor in play is how that attorney can effectively help clients – and all through his career, Michael Hackard has demonstrated an enduring commitment to serving client needs and their best interests.

Here’s what just a few of Michael Hackard’s clients have to say about his work for them:

He worked tirelessly on my behalf and I am extreme grateful for the personalized service he provided.

He is the ardent professional, offering expertise, loyalty, intelligence, and patience. He communicates confidence!

The past years have been challenging, and Michael has always worked hard to create the best possible outcome for me.

Here at Hackard Law we’re proud that Michael Hackard has earned the title of Super Lawyer, but most importantly, it’s just another reminder of his dedication to clients. Because beyond all the titles and awards, Michael Hackard has shown, year in and year out, how he’s there to fight for you in your time of need.

Beverly McFarland Appointed IMG Bankruptcy Trustee in Wannakuwatte Case

Posted in Bankruptcy Clawback News, Wannakuwatte Bankruptcy

The Wannakuwatte bankruptcy cases are both now under the supervision of Chapter 11 bankruptcy trustees. As we reported last week, Deepal Wannakuwatte’s personal bankruptcy is being handled by Hank Spacone, a Sacramento CPA with a deep background of administering similar liquidations and reorganizations. Now we can also confirm that Rocklin-based Beverly N. McFarland, a consultant who has a wealth of experience in complex asset management and disposition, has been charged with heading the Chapter 11 bankruptcy for Wannakuwatte’s International Manufacturing Group (IMG), a key component of his massive Ponzi scheme. According to court documents, IMG racked up $120.4 million worth of debt to investors and other creditors while possessing only $1.6 million in assets after the fraudulent business had already imploded.

Hank Spacone Appointed Wannakuwatte Bankruptcy Trustee

Posted in Bankruptcy Clawback News, Wannakuwatte Bankruptcy

In the latest news from the Deepal Wannakuwatte Ponzi bankruptcy, well-known Sacramento CPA Hank M. Spacone has been appointed the Chapter 11 Trustee to oversee the case in US Bankruptcy Court. With an extensive background in the local business community, Spacone has already managed multiple bankruptcies, liquidations and reorganizations totaling in the hundreds of millions. In the upcoming Wannakuwatte case, he will be charged with administering a $134 million bankruptcy that resulted from a Ponzi scheme that pitched supposedly lucrative contracts with the VA for gold-plated latex gloves. Having made a plea bargain and set to be sentenced in his criminal matter on July 24th, Wannakuwatte has declared only about $15 million in assets, making the likelihood of clawback litigation quite high.

An Invitation from the American Ponzi Association

Posted in Ponzi Profiles

Universal Pictures

Here at Ponzi Clawbacks, we came into possession of an official document of the American Ponzi Association (APA). We can’t vouch for its veracity, since the substance of any Ponzi schemer’s pitch is patent nonsense.

Annual Meeting of the American Ponzi Association

Dear Esteemed Fellow Ponzi Schemer,

You are cordially invited to attend our annual meeting of the American Ponzi Association, to be held in Las Vegas, Nevada on September 31st, 2014. We thought Las Vegas to be the perfect venue for our conference, since this venerable city is renowned for its transparency, sobriety and honest business practices – just the sort of image the APA seeks to convey through its impeccably ethical schemers. Plus, the town has a down-home feel and distraction-free environment to keep us focused on what we do best: giving back to the community. We’ve chosen to stay at the beautiful Sands Hotel – yes, it’s still there and better than ever!!! And we ask that instead of calling the Sands (sometimes their phone doesn’t work), simply arrange your accommodations with Jailin Prance, our office assistant – she’ll take your credit card information.

Along with a stupendous all-you-can-eat buffet that only the Sands is famous for, we’ve got a great set of discussion topics lined up for this year’s conference. Here’s an exciting list of some highlights that will knock your socks off:

  • Green is Good: “Green” is in, and it’s a great label for any Ponzi machine – folks love to help the environment, so let that help you! Speaker: Chandra Gumtree
  • Fleecing the Faithful: Megachurch congregations need some feel-good fake forex programs to help them build their best life now! Speaker:PastorGlitterbug Jones
  • Funhouse of Fraud: The best part of any Ponzi scheme is enjoying all that “investment” cash. How many yachts are too many? Can they come with midget strippers on board as part of a package deal? Speaker: Jayden Bobinson
  • Let’s Make a Deal: Remember you’ll eventually get prosecuted and likely end up in prison once the scheme collapses. What are the optimum conditions for a plea deal with your new friend, the US Attorney? Have no fear, just leave it to Bernie to explain. Speaker: Bernie Madoff
  • Prime Bank Buffoonery: Everyone loves clowning around in prime bank schemes – they’re a scream! What sort of crazy returns can you offer an investor before you burst into uncontrollable laughter? 1000%? 10,000%? The sky’s the limit! Speaker: Honus Bozogold
  • Rubber Gloves: Tell investors the VA pays multimillions for your lucrative latex wonder-gauntlets – the business opportunity of a lifetime. Speaker: Weepal Dannakuwattee
  • Robots: From imaginary trade software to magical algorithms, we’ll even help you build a robot out of cardboard to impress tech-savvy investors. Speaker: Tairy Brainegarner
  • Party Favors: A very special keynote speaker will deliver his presentation from an undisclosed location in the federal prison system. Pivotal question: Should you hold sex parties for potential investors or only for active clients? Speaker: Scott Rothstein

We’ll be hosting these and other truly incredible panels to keep you at the top of your Ponzi game, so call Jailin and reserve your spot at the conference at the Sands today!

Wannakuwatte Bankruptcy Trustee to Be Appointed

Posted in Bankruptcy Clawback News, Legal Representation, Ponzi Profiles, Wannakuwatte Bankruptcy

Following upon convicted Ponzi schemer Deepal Wannakuwatte’s declaration of Chapter 11 Bankruptcy in US Bankruptcy Court in Sacramento, the United States Trustee has requested the appointment of a Bankruptcy Trustee for Wannakuwatte’s case. As we previously reported, Wannakuwatte’s filing lists $134 million in debt, while his assets are calculated to stand at about $15 million. That makes for a massive shortfall to creditors, who might very well face clawback lawsuits in the near future.

The appointment for the Chapter 11 Bankrutpcy Trustee in fallout of the Wannakuwatte fraud is set for Thursday, June 19th. US Bankruptcy Judge Robert S. Bardwil will be presiding over the case. Judge Bardwil, it should be noted, is also currently overseeing the Vincent Singh bankruptcy, the result of a $20 million Ponzi scheme operated by Singh under the guise of a hard-money lending business. That case, initiated in July of 2012, has seen a rash of clawback lawsuits against nearly 200 investors. Hackard Law is representing many of Singh’s victims in court and defending them against these adversary claims.

Dozens of investors have suffered serious damage from Wannakuwatte’s RelyAid latex glove scam, which posed an economic danger to Sacramento’s business community. And while Wannakuwatte himself will be sentenced to federal prison in July, the legal and financial consequences of his crime are about to play out in civil litigation.

Michael A. Hackard, Meriam Hansen, Nou Lee and Jeremy Rutledge are experienced in prosecuting civil actions against Ponzi scheme perpetrators as well as defending and resolving clawback cases filed by Bankruptcy Trustees and SEC Receivers. If you have been a victim in a Ponzi scheme and face legal action, contact Hackard Law today.