Header graphic for print

Tag Archives: Clawback Lawsuit

Whistleblower Key to Prosecuting Bank in Ponzi Lawsuit

Posted in Bankruptcy Clawback News, Legal Representation, Ponzi Profiles

Ponzi Clawbacks has posted extensive coverage of the Scott Rothstein Ponzi case, and not just because of its monstrous $1.2 billion scale. Rothstein himself was sentenced to 50 years in federal prison in 2010, but criminal corruption probes, adversary suits and other civil recovery efforts are ongoing. Indeed, the rulings made in the aftermath of… Continue Reading

Wannakuwate Case: Are Clawbacks Looming?

Posted in Bankruptcy Clawback News, Legal Representation

The Deepal Wannakuwatte case is entering a new phase.  Leaders in the Northern California bankruptcy community are abuzz with the near certainty that a bankruptcy, likely an involuntary one, will be filed in the Wannakuwatte case. Such a filing will bring the appointment of a trustee coupled with the later appointment of counsel. Whether special… Continue Reading

Stanford Brokers Targeted in Multimillion Clawback

Posted in Bankruptcy Clawback News, Ponzi Profiles, Ponzi Video

In the latest dispute over the ruins of Allen Stanford’s $7 billion empire of fraud, 329 former Stanford brokers have been targeted for $215 million. Stanford Receiver Ralph Janvey is looking to undertake clawback action against the onetime sales agents of Stanford Financial Group (SFG), which collapsed in 2009 after its signature certificate of deposit… Continue Reading

Ponzi Roundup: Two Guilty Pleas and International Clawback

Posted in Ponzi Profiles

Tom Petters: Clawback efforts in the aftermath of Minnesota mega-fraudster Thomas Petters’ $3.65 billion Ponzi scheme have escalated to a new level, with the case’s bankruptcy trustee looking to pursue actions to recover funds in several foreign countries. Asserting that “potentially hundreds of millions of dollars” found their way to international investors, Trustee Douglas Kelley’s… Continue Reading

Vincent Singh Pleads Guilty in $20 Million Ponzi Scheme

Posted in Bankruptcy Clawback News, Ponzi Profiles

An Elk Grove, CA, man has admitted he engineered a $20 million Ponzi scheme that devastated the local ethnic Indian-Fijian community in Northern California. Vincent Thakur Singh, 45, pleaded guilty in US District Court last Thursday to single counts of wire fraud and making false statements in a bankruptcy. A wire fraud charge carries a… Continue Reading

Rothstein Partner Indicted on Campaign Corruption Charges

Posted in Ponzi Profiles

With the clock ticking on possible further indictments in the $1.4 billion Scott Rothstein Ponzi case, a major figure in the affair has been charged with conspiracy this morning. Russell Adler, Rothstein’s former co-partner at the now-infamous Fort Lauderdale law firm Rothstein Rosenfeldt Adler (RRA), was presented with a criminal information filed in US District… Continue Reading

Puppeteer’s Ponzi Makes for Massive Clawback

Posted in Bankruptcy Clawback News, Ponzi Profiles, Uncategorized

The court-appointed receiver in the $600 million Zeek Rewards Ponzi case has launched the first round of clawback lawsuits against the principal figures in the scheme as well as net winners. Receiver Kenneth D. Bell filed two complaints in US District Court in Charlotte, NC, last Thursday for the purpose of recovering proceeds from Zeek’s… Continue Reading

Supreme Court Decision Aids Ponzi Victims

Posted in Legal Representation, Ponzi Analysis

The United States Supreme Court ruled today, February 26th, that victims of R. Allen Stanford’s massive $7.2 billion Ponzi scheme may proceed in state court actions against law firms, accountants and investment companies that allegedly aided the enormous fraud. The firms that had been sued argued that federal securities law insulated them from state-class action lawsuits. … Continue Reading

IRS Rules for Clawbacks

Posted in Legal Representation, Ponzi Analysis

You could be the victim of a Ponzi scheme? At first you think that it simply can’t be. You know that the promoter showed inventory – financial statements – tax returns. You saw it yourself. Friends invested. It looked legitimate.  Now there’s shock. Racing thoughts. Betrayal. The promoter was a liar? A cheat? A fraud? The… Continue Reading

Indictment in Alleged $110 Million CA Ponzi Scheme

Posted in Ponzi Profiles

Two developers have been arrested by FBI agents over an alleged $110 million real estate Ponzi scheme that enveloped Southern California. Long Beach resident John Packard, 63, and Phoenix resident Michael Stewart, 66, had their January indictment released to the public yesterday by federal prosecutors. The two each face 11 counts of wire fraud, three… Continue Reading

Triple Damages Available in Investment Fraud Cases: Bell v. Feibush Changes the Legal Landscape

Posted in Bankruptcy Clawback News, Ponzi Analysis

Analysis provided by Betsy Bynum. Bell v. Feibush, a case decided in January of this year by the Fourth Appellate District of the California Court of Appeal, has received attention for its recognition of the availability of treble damages for the theft of personal or real property- three times the amount of actual damages inflicted. … Continue Reading

Sacramento Residents Continually Targeted by Investment Fraud

Posted in Legal Representation, Ponzi Video

The Sacramento area is unfortunately no stranger to investment fraud, as the news headlines regularly attest. Scammers use a variety of techniques and ruses to steal other people’s money under the guise of business ventures, oftentimes preying upon affinity groups like ethnic communities and churches. The Greater Sacramento Area includes seven California counties: Sacramento, Yolo,… Continue Reading

Petters Ponzi Feeder Sentenced

Posted in Ponzi Profiles

James Fry, the investment manager who funneled mountains of cash into Thomas Petters’ $3.65 billion Ponzi scheme, received a sentence of 17.5 years in federal prison today in US District Court in Minneapolis. The 59-year-old Fry had been convicted in June on 12 counts of fraud and making false statements to SEC investigators. While he… Continue Reading

Stanford Ponzi Case Hits Supreme Court

Posted in Bankruptcy Clawback News, Legal Representation

Despite the government shutdown, the US Supreme Court is back in session, and its first order of business is connected with the second-largest investment fraud case in American history. Chief Justice John Roberts and his colleagues will be hearing arguments on whether to block further class-action lawsuits by investors in R. Allen Stanford’s Ponzi scheme,… Continue Reading

The Petters Clawback Case: A Reasonable Approach to Settlement

Posted in Bankruptcy Clawback News, Ponzi Video

Article by Hackard Law Associate Jeremy Rutledge As Thomas Petters cools his heels and enjoys the culinary fare of Fort Leavenworth Prison, his $3.6 billion Ponzi scheme continues to haunt victims in ongoing clawback litigation. The United States Bankruptcy Court in Minneapolis has been the arena for a host of adversary claims spawned by the… Continue Reading

TD Bank Hit Again Over Rothstein Ponzi

Posted in Bankruptcy Clawback News, Ponzi Profiles

Though Fort Lauderdale attorney Scott Rothstein’s $1.4 billion Ponzi scheme may have imploded in 2009, its fallout continues to reach the headlines with regularity. In the latest news, Toronto-Dominion Bank (TD Bank) has agreed to hand over another $52 million to the US government for facilitating the white-collar con that rocked South Florida and earned… Continue Reading

If You Lie Down with Dogs, You Get Up with Fleas

Posted in Bankruptcy Clawback News, Legal Representation

This observation, attributed to Benjamin Franklin’s Poor Richard’s Almanac, brings to mind the common experience of Ponzi victims.  I’ve written about my own experience with a Ponzi artist – one who proclaimed that all things were possible (presumably all financial things); when I pointed out that some of what he wanted to make possible was… Continue Reading

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