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Tag Archives: clawback lawsuits

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

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

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

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

Rothstein Ponzi Featured Impersonation Attempt

Posted in Ponzi Profiles

IRS agents arrested two Fort Lauderdale attorneys last week in the newest round of prosecution stemming from lawyer Scott Rothstein’s $1.2 billion Ponzi scheme. Christina Kitterman, 38, and Douglas Bates, 54, were indicted by the US Attorney’s Office in West Palm Beach- both Kitterman and Bates for wire fraud conspiracy and the latter for three… 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

Ponzi Roundup: Two Sentences and Another Delay for Kim Rothstein

Posted in Ponzi Profiles

With a high volume of relevant stories from cases we’ve previously covered, Ponzi Clawbacks is delivering a news roundup today. This feature will likely be periodic during the resolution of multiple cases from Ponzi Profiles. Julius Blackwelder: Stratford, CT, resident Julius Blackwelder was sentenced to 46 months in prison for perpetrating a $400,000 investment fraud…. 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