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Tag Archives: clawback litigation

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… Continue Reading

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…. Continue Reading

Vincent Singh, Sister Made Bollywood Rom-Com

Posted in Bankruptcy Clawback News, Ponzi Profiles

The sister of Northern California resident Vincent Thakur Singh, recently convicted in Sacramento for operating a $20 million investment scam, has turned out to be worthy competition for her sibling in matters of fraud. Sushila Devi Mosese of Auckland, New Zealand, pleaded guilty in that nation’s court system to embezzling $4.5 million from her employer…. Continue Reading

Wannakuwatte: What Might a Plea Agreement Look Like?

Posted in Bankruptcy Clawback News, Legal Representation, Ponzi Profiles

Deepal Wannakuwatte has been accused of masterminding a $150 million-plus Ponzi scheme, and he’s set to change his plea to guilty on May 1st in US District Court in Sacramento. Wannakuwatte’s indictment, however, doesn’t present the full array of charges that could be levelled against him; rather, it is limited to two counts of bank… Continue Reading

Feds Want TelexFREE Bankruptcy Moved to Massachusetts

Posted in Bankruptcy Clawback News, Ponzi Profiles

Now that the VoIP multilevel marketing program TelexFREE has been identified as a Ponzi scheme by both federal and Massachusetts state authorities, its bankruptcy protection status in Nevada is under scrutiny. The SEC has filed a motion in that state to have the company’s bankruptcy proceedings moved to the Commonwealth of Massachusetts, where most of… Continue Reading

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, Wannakuwatte Bankruptcy

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

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

Ponzi Roundup: Nobel Nominee Sentenced, More Petters Fallout, No Bail for Football Star

Posted in Ponzi Profiles

Isreal Owen Hawkins: The man who nominated himself to the Nobel Peace Prize for running a large-scale oil and gold scam ended up being rewarded with federal prison time instead. Enterprising preacher-man Isreal Owen Hawkins, 58, was sentenced to 30 years of incarceration in US District Court in St. Louis. Indicted in 2010 and convicted… 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

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