News & Analysis as of

Ponzi Scheme Fraud

American Conference Institute (ACI)

Making Victims Whole in a Multi-Jurisdictional Civil Fraud Case

Multi-jurisdictional civil fraud matters often present multiple challenges that make the tracing and recovery of assets a complex, costly, and time-consuming investigative process. Making a fraud victim whole again requires...more

McGuireWoods LLP

Notable Litigation – April 2024

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Notable litigation filed during April 2024 includes Fielder v. Bullock. Fielder v. Bullock, No. 16-JCV-24-641 (Ark. Cir. Ct.). Plaintiff, individually, as Power of Attorney for his parents, and as Trustee of the...more

King & Spalding

Sixth Circuit Holds that Bank Settlement Payment to Resolve Fraudulent Transfer Liability Is Insurable Loss Under Ohio Law and...

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On February 1, 2024, the U.S. Court of Appeals for the Sixth Circuit, in an unpublished opinion, held that a bank’s professional liability insurance includes coverage for a $32 million settlement payment the bank made to...more

McGuireWoods LLP

Notable Litigation – March 2024

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Notable litigation filed during March 2024 includes SEC v. Sanchez, et al. and four related actions captioned Dottore v. FC Real Estate Development Co., Dottore v. Kensington Pointe Ltd., Dottore v. Seibert Enterprises, Ltd.,...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial...more

Freiberger Haber LLP

Enforcement News: SEC Files Complaint in Connection with a $300 Million Ponzi Scheme and Affinity Fraud

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By: Jeffrey M. Haber On many occasions, we have written about Ponzi schemes that have been the subject of enforcement actions brought by, and/or settlements with, the Securities and Exchange Commission (“SEC” or the...more

Foodman CPAs & Advisors

El Fraude Es El Delito Número Uno En El Lavado De Dinero

En febrero de 2024, el Tesoro de los Estados Unidos publicó la Evaluación Nacional de Riesgo de Lavado de Dinero (NMLRA) de 2024, que examina el entorno actual de lavado de dinero e identifica las formas en que los...more

Foodman CPAs & Advisors

Fraud Is The Number One Crime In Money Laundering

On February 2024, the U.S. Treasury released the 2024 National Money Laundering Risk Assessment (NMLRA) which examines the current money laundering environment and identifies the ways in which criminals and other actors seek...more

McGuireWoods LLP

Ponzi Perspectives: 2023 Year-End Roundup

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McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Since that time, we’ve posted detailed case alerts of Ponzi-related complaints filed throughout the country and posted key decisions that...more

McGuireWoods LLP

Notable Litigation – January 2024

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Notable litigation filed during January 2024 includes: (1) Bajuri v. Shiba Prop, LLC, et al. and (2) SEC v. Lee, et al....more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - December 2023 Updates

On the one hand, the year ended where it began. The legislation on stabelecoins and market structure that would provide a regulatory framework for digital assets has still not been enacted into law. And Securities and...more

McGuireWoods LLP

Notable Litigation - November 2023

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Notable litigation filed during November 2023 includes: (1) BB & MB WDF, LLC v. Seare, et al.; (2) Day v. Heppner, et al.; (3) Scura v. Heppner, et al.; and (4) Commodity Futures Trading Comm’n v. Young, et al....more

Freiberger Haber LLP

Enforcement News: SEC Obtains Emergency Relief To Halt An Affinity Fraud That Raised Nearly $130 Million

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Affinity fraud is a type of investment fraud. In this form of fraud, the person committing the fraud preys upon members of an identifiable group, such as a religious or ethnic community, the elderly, or a professional group....more

McGuireWoods LLP

Notable Litigation – September 2023

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September was an active month for Ponzi litigation with nearly a dozen new complaints filed alleging fraudulent investment activity. The SEC continues to drive Ponzi-related litigation; in addition to four enforcement actions...more

King & Spalding

Florida Federal Court Denies Deutsche Bank’s Request for a New Trial Over Ponzi Scheme

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On September 11, 2023, the U.S. District Court for the Southern District of Florida denied Deutsche Bank’s request for a new trial and required the bank to pay pre-judgment interest following a verdict handed down in April...more

ASKramer Law

Digital Asset Theft Loss Deductions are More Complicated Than You Think

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Taxpayers can take a tax deduction with respect to “theft” losses that result from an illegal “taking of property” done with criminal intent. Among various other types of criminal activities, fraud is treated as theft under...more

King & Spalding

Cryptocurrency: Legal Developments and Outlook

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Federal and state regulators have taken an increased interest in regulating cryptocurrencies, digital assets, and the larger blockchain ecosystem. This landscape is opaque and rapidly evolving, and many industry participants...more

King & Spalding

Eighth Circuit Upholds Settlement Bar Order in Ponzi Scheme Case

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On June 9, 2023, the U.S. Court of Appeals for the Eighth Circuit affirmed a district court’s decision upholding a settlement bar order and a final accounting between a court-appointed receiver and JPMorgan Chase & Co....more

BakerHostetler

U.S. Exchange Closes, Swiss Bank Expands Crypto Offerings; NFA Issues Digital Asset Commodities Rule; Crypto Enforcement...

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Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings - Late last month, Bittrex, a leading cryptocurrency exchange founded in Seattle, announced it was closing U.S. operations effective April 30,...more

McGuireWoods LLP

Ponzi Perspectives: 2022 Year-End Roundup

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McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Since that time, we’ve posted detailed case alerts of Ponzi-related complaints filed throughout the country and posted key decisions that...more

King & Spalding

Fifth Circuit Finds That New Jersey’s Discovery Rule Applies If Identity of a Specific Defendant Was Not Known Until After the...

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On December 15, 2022, the U.S. Court of Appeals for the Fifth Circuit reversed the pleading-stage dismissal, as time-barred, of a case against Bank of New York Mellon by defrauded investors in the Allen Stanford Ponzi scheme....more

Paul Hastings LLP

Top PHive Crypto Enforcement Notes: January Edition

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Happy New Year! While the holidays hopefully provided a chance to rest and recharge, things have not slowed down in the world of digital asset enforcement. We see a growing dedication of resources by government law...more

Harris Beach PLLC

Cryptocurrency: In the Face of Increased Enforcement, Be Prepared

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This summer was a busy one for cryptocurrency regulators, with aggressive actions potentially signaling an increase in consumer protection compliance activity. In August alone, the New York Department of Financial Services...more

Bracewell LLP

FINRA Facts and Trends - September 2022

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Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This...more

McGuireWoods LLP

New Complaint – Damian as Receiver of Today’s Growth Consultant, Inc. v. Core Financial Outsourcing of Chicago, LLC

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On August 31, 2022, Plaintiff Melanie E. Damian, in her capacity as the Court-Appointed Receiver for Today’s Growth Consultant, Inc. d/b/a The Income Store (“TGC”) (the “Receiver”) filed a complaint against Defendant Core...more

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