News & Analysis as of

Ponzi Scheme

No Fiduciary Duty Between Lead and Participants

by Bryan Cave on

A recent decision out of federal court arising out of litigation involving a Ponzi scheme has reinforced the principle that the lead in a loan participation does not owe a fiduciary duty to participants. The case of Finn v....more

Third-Party Injunction Precludes Securities Claims Against Alleged Madoff Co-Conspirators

On January 24, 2017, victims of Bernard Madoff’s Ponzi scheme lost their appeal of a bankruptcy court decision barring them from suing an alleged Madoff co-conspirator because of a third-party injunction contained in a...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Even as the administration is mulling over withdrawing from the Paris Climate Accord, Exxon Mobil’s shareholders have voted to demand a more detailed accounting of the climate change policy risks facing the company—an...more

Blockchain Week in Review – April 2017 #2

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Late last week, financial services company Raymond James agreed to resolve allegations of conspiring with the owner of several VT ski resorts (and others) in a Ponzi scheme targeting foreign investors through the EB-5...more

We Know What You Really Meant: Utah Court Holds that SEC Can Bring Extraterritorial Enforcement Action Based on Conduct or Effects...

A federal court in Utah recently held that the Securities and Exchange Commission may bring an enforcement action based on allegedly foreign securities transactions involving non-U.S. residents if sufficient conduct occurred...more

Corporate Investigations and White Collar Defense - March 2017

DOJ's New Guidance for Evaluating Corporate Compliance Programs - Why it matters: On February 8, 2017, the DOJ released, to little fanfare, a new guidance document entitled "Evaluation of Corporate Compliance Programs."...more

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

Alien Tort Statute (ATS)/Political Question Doctrine/Foreign Sovereign Immunity Act (FSIA)/ Act of State Doctrine - District Court Dismisses ATS Claim Where Alleged Conduct in US was not Directly Linked to Injuries...more

Chris Lazarini Discusses Dismissal of Madoff "Winner's" ERISA Claim

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case in which a pension fund, a "net winner" in the Madoff Ponzi scheme, filed an ERISA action against its investment adviser seeking to recover "lost opportunity"...more

SEC: Plan to Invest in Hamilton Tickets a Fraud

by Dorsey & Whitney LLP on

People are always searching for the next great thing; the next great innovation; the next great adventure; and the next great investment. Often it is the search for that safe, sure thing return; the one where the investment...more

Ohio Federal Court Rules That Bank is Not Liable Under Ohio Securities Act for Providing Ordinary Banking Services to Customers...

by Reed Smith on

In a January 10, 2017 decision, United States District Judge Thomas M. Rose in the Southern District of Ohio ruled that plaintiffs, who claimed to be investors in a Ponzi scheme operated by customers of PNC Bank, failed to...more

2016 – A Bad Year For Bad Guys in Energy

by Gray Reed & McGraw on

Let’s look back at a cavalcade of crooks, criminals and miscreants who met up with justice in 2016. We do it to be reminded of the others who will be lurking in the 2017 shadows....more

2016: A Full Bouquet of Wine Fraud

The rapid growth of the international wine market has given rise to a simultaneous growth in wine fraud. The burgeoning demand, especially in China, has exposed all players—collectors, investors, vineyards, distributors, and...more

The End of the Road for TransVantage Solutions, Inc.?

The TransVantage bankruptcy case and the resulting efforts by the Trustee to avoid carrier payments made by the defunct freight payment processor has been watched like an upcoming speed trap by the transportation industry...more

“Ponzi Scheme” Recital Not Enough

by Locke Lord LLP on

Disgruntled investors suing oil and gas companies for fraud must allege facts to support a Ponzi scheme in order to obtain the “Ponzi scheme presumption.” This “Ponzi scheme presumption,” if adequately pleaded in the first...more

Lenders to SPEs: Be Aware, You May Not Have Standing to Appeal a Substantive Consolidation Order

by Dechert LLP on

A substantive non-consolidation opinion is a common feature of structured finance transactions in the U.S. Most, if not all, opine as to what a bankruptcy court would do, but express no opinion on the appellate process. We...more

Madoff Continues On: Recent Tax Court Case Rules on Treatment of Madoff Account

by Bryan Cave on

In a recent Tax Court decision, Harry H. Falk, and Steven P. Heller, Co-Executors, v. Commissioner of the Internal Revenue, the United States Tax Court ruled that in the case of the Madoff Ponzi scheme, an estate which paid...more

Court Finds that Parents Convicted of Ponzi Scheme Received Value from Tuition Payments

by PretiFlaherty on

Do parents receive something of value when they pay for their child to attend college? The Massachusetts Bankruptcy Court (Hoffman, J.) recently considered this exact question in DeGiamcomo v. Sacred Heart University, Inc.,...more

Bankruptcy Avoidance Litigation Part II – Do I Really Have To Give That Payment Back?

In the first installment of this article, we discussed the prevalence of preference litigation and some of the commonly-available defenses to business vendors to limit or even eliminate liability to the bankruptcy estate....more

Recent Tax Court Case Rules on Treatment of Madoff Account

by Bryan Cave on

In a recent Tax Court decision, Harry H. Falk, and Steven P. Heller, Co-Executors, v. Commissioner of the Internal Revenue, the United States Tax Court ruled that in the case of the Madoff Ponzi scheme, an estate which paid...more

Your daily dose of financial news - The Brief – 9.21.16

by Robins Kaplan LLP on

Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported....more

Trial Court's Error In Underlying Case Was Superseding Cause Of Plaintiffs' Claimed Damages

by Hinshaw & Culbertson LLP on

Whether the trial court erred in the underlying litigation is always an important part of the proximate (or "but for") causation analysis. Stanfield v. Neubaum, 2016 WL 3536865 (Tex. June 24, 2016) is yet another case that...more

Your daily dose of financial news - The Brief – 9.13.16

by Robins Kaplan LLP on

In a closely watched and dissected speech yesterday, Federal Reserve governor Lael Brainard told the crowd gathered at the Chicago Council on Global Affairs that she favored “prudence” in raising rates despite recent signs of...more

No Repose for Debate on Applicability of American Pipe Tolling

by Carlton Fields on

In its seminal 1974 American Pipe opinion, the Supreme Court held that the commencement of a class action tolls the applicable statutes of limitation as to all putative class members who would have been parties had the class...more

A Ponzi Scheme Where One Investor Directly Paid Another

by Dorsey & Whitney LLP on

In the typical Ponzi scheme unscrupulous individuals induce investors to part with their cash based on a series of misrepresentations about the proposed investment. The investor money is then in part misappropriated and in...more

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