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Tag Archives: Adversary

3,000% Returns on Bitcoin Probably Scam – SEC

Posted in Ponzi Profiles

After just under a year’s investigation, the SEC has filed its first enforcement action related to Bitcoin, an online virtual currency launched in 2009. The agency has charged 30-year-old Trendon Shavers of McKinney, TX, with running a $4.5 million Ponzi scheme that defrauded at least 66 investors. Shavers ran the alleged scam when an individual Bitcoin (BTC)… Continue Reading

Rothstein Victims to be Fully Reimbursed

Posted in Bankruptcy Clawback News

In a turn of events that could hardly have been foreseen when Scott Rothstein’s monster scam was exposed in late 2009, its victims will be fully reimbursed in accordance with an agreement reached in court last week. Rothstein, the flashy Fort Lauderdale lawyer who flushed $1.4 billion down a golden toilet of bogus “structured settlements,”… Continue Reading

CA Ponzi Schemer Wasn’t Serious About Guilty Plea

Posted in Ponzi Profiles

Folsom, CA, resident Anthony Vassallo has learned the hard way that it’s not so easy to renege on a guilty plea in US District Court. Last month the 33-year-old Vassallo attempted to withdraw from his plea agreement with federal prosecutors after admitting responsibility for an $83 million Ponzi scheme. Judge Garland Burrell Jr. ruled against… Continue Reading

Admitted Ponzi Schemer Now Denies Guilt

Posted in Ponzi Profiles

Anthony Vassallo of Folsom, CA, is seeking to withdraw his guilty plea from US District Court after having made a plea agreement with federal prosecutors earlier this year. In February the 33-year-old Vassallo admitted responsibility for running an $83 million Ponzi scheme that racked up $45 million in damages to 300 victims. Vassallo’s attorney told… Continue Reading

Usury Claims in Doubt in CA Ponzi Clawback Case

Posted in Bankruptcy Clawback News, Legal Representation

In July and August 2012, bankruptcy Trustee Michael Burkart brought over one hundred clawback lawsuits in the underlying bankruptcy case In Re Vincent Thakur Singh, et al., U.S. Bankruptcy Court, Eastern District of California, Case No. 10-42050, against nearly 200 people who were defrauded in an elaborate Ponzi scheme orchestrated by Vincent Singh.  The vast… Continue Reading

Kim Rothstein: Costume Queen in a Ponzi Scheme

Posted in Ponzi Profiles

Kim Rothstein, the wife of convicted Ponzi schemer Scott Rothstein, has had her sentencing delayed until June. The 39-year-old Mrs. Rothstein had earlier pleaded guilty in US District Court to money laundering conspiracy, witness tampering and obstruction. Scott Rothstein, the infamous Fort Lauderdale lawyer who engineered a mammoth $1.4 billion scam based on phony structured… Continue Reading

Swinger Political Operative Settles Rothstein Clawback Suit

Posted in Bankruptcy Clawback News, Ponzi Profiles

Roger Stone, the veteran Washington lobbyist sporting a Richard Nixon tattoo on his back, has reached a settlement with the trustee of convicted Ponzi mastermind Scott Rothstein’s bankruptcy. Sued for $400,000, the Republican strategist will end up paying just 4.5% of that amount at $18,000. Rothstein, a Fort Lauderdale attorney with a flair for easy… Continue Reading

Good Friday

Posted in Ponzi Analysis

As much as we at Hackard Law enjoy pointing out the more ridiculous aspects of Ponzi schemes, their dark side is also readily apparent. Along with other types of fraud, the Ponzi scheme is not just theft, for at its core is the lie. Deceit defines this crime, and it’s a tactic that allows scammers… Continue Reading

SCI Bankruptcy Trustee Files Adversary Clawback Lawsuit Against 114 Defendants: The Complaint And Its Exhibits Are Over 1800 Pages

Posted in Bankruptcy Clawback News, Legal Representation

Hackard Law attorneys regularly represent plaintiffs and defendants in adversary cases, including clawbacks, in federal bankruptcy courts. The process of representation is often initiated by a preliminary review of our prospective client’s case. A part of this review is the use of the PACER online system (Public Access to Court Electronic Records) made available by… Continue Reading

Contingency Fees, Adversary Claims and Ponzi Cases

Posted in Bankruptcy Clawback News, Legal Representation, Ponzi Analysis

The contingency fee system is a litigation reality unique to the United States. This system plays a significant role in the selection and prosecution of civil cases, including the prosecution of adversary claims against investors and/or victims of Ponzi schemes. While it is true that contingency fees can allow the poor and impoverished a “key… Continue Reading

Interview with Chuck Malkus, Author of The Ultimate Ponzi

Posted in Book Reviews, Ponzi Analysis, Ponzi Profiles

The Ultimate Ponzi The Scott Rothstein Story By Chuck Malkus. Illustrated. 250 pp. Pelican Publishing Company. $26.00. The Ultimate Ponzi: The Scott Rothstein Story is available for order at Barnes & Noble and Amazon.com.  *** Today Hackard Law interviews public relations executive and communications expert Chuck Malkus, author or The Ultimate Ponzi, a chronicle of… Continue Reading

CA Ponzi Scheme Featured FBI Impersonators

Posted in Ponzi Profiles

Folsom, CA resident Anthony Vassallo has pleaded guilty to a charge of wire fraud in connection with an $83 million Ponzi scheme he ran from 2006 to 2009. Vassallo, 33, perpetrated the scam under the cover of a hedge fund known as Equity Investments Management and Trading (EIMT). A total of 300 victims were ensnared… Continue Reading

Alleged Ponzi Schemer was Day Trading Wizard

Posted in Ponzi Profiles

Jack E. Brown of Soddy Daisy, TN, has been accused in federal bankruptcy court of running a $10 million Ponzi scheme through his tax planning business, Brown’s Tax Service. Brown used clients’ financial data to solicit some 50 investors for his supposed day-trading program. By playing the markets with the skill of a virtuoso, he… Continue Reading

Avoidance Actions against Investors in Ponzi Schemes: The Fundamentals Revisited

Posted in Bankruptcy Clawback News, Legal Representation, Ponzi Analysis

U.S. District Judge David Godbey’s 32-page Order allowing the Receiver in the R. Allen Stanford Receivership Estate to “clawback,” or recover, all back interest payments paid to Stanford investors is a worthy read as a remedial lesson in the character of Ponzi-based clawback actions. Court-appointed receivers often file lawsuits or clawback actions against investors who were… Continue Reading

The International Bank of Wow

Posted in Book Reviews, Ponzi Profiles

Many people acquainted with Ponzi mastermind Scott Rothstein have noted that although he didn’t hail from Little Italy, he enjoyed playing up the stereotype. During his time gutting South Florida out of $1.4 billion, Rothstein assiduously cultivated the cartoon image of a mafia don. The outlandish suits, wise-guy demeanor, a taste for expensive prostitutes and… Continue Reading

Former Stanford CFO Revealed Ponzi “Blood Oath”

Posted in Ponzi Profiles

The right-hand man of international fraud superstar Allen Stanford has received five years in prison for acting as a co-conspirator in his $7 billion Ponzi scheme. James Davis, 64, had been Stanford’s chief financial officer for the entire period of the scam, assisting in the manipulation of financial statements to deceive investors and regulators. Stanford International… Continue Reading