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Tag Archives: Deepal Wannakuwatte

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

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…. 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

Wannakuwatte Files for Bankruptcy

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

Prominent Sacramento businessman Deepal Wannakuwatte, already having admitted to engineering a massive Ponzi scheme, has now filed a $134 million Chapter 11 Bankruptcy in US Bankruptcy Court. As part of his plea deal with federal prosecutors, the 63-year-old Wannakuwatte agreed to the filing as well as forfeiture of bank accounts and property, plus anywhere from… Continue Reading

Wannakuwatte Guilty; Endangered Community with $150 Million Ponzi

Posted in Legal Representation, Ponzi Profiles

Today in US District Court, Deepal Wannakuwatte, a well-known Sacramento businessman and former owner of the Sacramento Capitals tennis team, pleaded guilty in connection to masterminding a $150 million Ponzi scheme that defrauded dozens of investors. He admitted responsibility to a count of wire fraud presented by FBI agents in a February criminal complaint, making… 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

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

Wannakuwatte’s Helpers: Who, What & When

Posted in Ponzi Profiles

The civil case against Deepal Wannakuwatte will not stop with a guilty plea in his criminal matter. The pursuit of truth will continue, and the classic questions featuring in any thorough investigation will endure. What happened? The Wannakuwatte Ponzi scheme is at least $125 million and a dozen years in the making. Civil investigations of… Continue Reading

Wannakuwatte Likely to Change Plea on Fraud Charges

Posted in Ponzi Profiles

The following is an update from Hackard Law attorney Jeremy Rutledge, who attended a Status Conference for Deepal Wannakuwatte in US District Court today in Sacramento. Wannakuwatte is accused of running a Ponzi scheme on a scale of anywhere from $125 million to $300 million. He currently faces charges of bank fraud. Today’s Status Conference… Continue Reading

Wannakuwatte’s Victims: Safe from Further Harm?

Posted in Legal Representation

Lawyers representing Ponzi victims must have a basic understanding of the complicated interplay between criminal actions against perpetrators, potential bankruptcy and tax effects on victims, and the possibilities of civil litigation against perpetrators, other victims and aiders and abettors. While no single lawyer is likely to know the intricacies of each legal process, every lawyer… Continue Reading

Wannakuwatte Arraignment Tomorrow

Posted in Ponzi Profiles

Deepal Wannakuwatte, the Sacramento businessman indicted for allegedly running a $125 million-plus Ponzi scheme through his companies IMG and RelyAid, will be arraigned tomorrow in US District Court. An attorney from Hackard Law will be present at the proceedings. Wannakuwatte’s arraignment is set for 2 PM on the Magistrate calendar. Here is the address for… Continue Reading

Wanna Know More About Wannakuwatte?

Posted in Ponzi Profiles

Accused Ponzi schemer Deepal Wannakuwatte has been formally indicted on three counts of bank fraud. The 63-year-old Wannakuwatte, once the owner of the Sacramento Capitals tennis team, was presented with the charges yesterday in US District Court in Sacramento. He is alleged to have defrauded multiple investors of at least $125 million through his medical… Continue Reading

Wannakuwatte Detention Hearing Scheduled for Tomorrow

Posted in Ponzi Profiles

Deepal Wannakuwatte, the Sacramento businessman accused of masterminding a $125 million Ponzi scheme, will have his detention hearing tomorrow in US District Court in Sacramento. Wannakuwatte, the 63-year-old head of International Manufacturing Group (IMG) and related enterprises like RelyAid, will have the possibility of his bail reviewed by Magistrate Judge Allison Claire. He is already… Continue Reading

Medical Glove Company’s $125 Million Secrets Unfolding, Says Hackard Law

Posted in Legal Representation

SACRAMENTO, Calif., Feb. 24, 2014 — /PRNewswire/ — Many investors in Deepal Wannakuwatte’s enterprises considered him to be a friend, both loyal and charming. Charges in a Sacramento federal criminal complaint, if proven, would expose him as a liar, a cheat and a fraud. “My phone started ringing early Saturday morning,” says Michael Hackard of… Continue Reading

Alleged IMG Ponzi Scheme Carries Potentially Devastating Consequences for Sacramentans, Says Hackard Law

Posted in Ponzi Profiles

In addition to being a land of opportunity, America is also a land overwhelmed by Ponzi schemes that have wreaked $50 billion worth of devastation on American investors over the last six years. Sacramento investors, small and large, have not escaped the devastation. Now ominous signs point to an enormous Ponzi scheme that threatens the… Continue Reading