Deposit Account Litigation: Highlights From 2024 and What to Expect in 2025 — The Consumer Finance Podcast
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It is widely recognized that deceiving investors is the bread-and-butter of a Ponzi Scheme . However, the term “investors” often conjures images of Shark Tank or Wall Street – and this is far from the type of investor that...more
McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Throughout the past four years, we’ve tracked and posted case alerts on Ponzi-related complaints filed in federal and state courts...more
One question I get asked frequently by potential clients who come in suspecting that they have been scammed is whether they might have been the victim of a Ponzi scheme. Ponzi schemes derive their name from Charles...more
As we begin 2025 and set our goals for the new year (realistic or unrealistic), we outline some of the significant English court rulings from 2024 and the key lessons they offer for the year ahead. In 2024, the courts...more
The United States District Court for the Central District of California, applying California law, has held that a lending exclusion in a bankers professional liability policy barred coverage for underlying lawsuits alleging...more
On November 6, 2023, the U.S. District Court for the Southern District of New York denied in part and granted in part Citibank’s motions to dismiss claims for allegedly aiding and abetting an accountholder’s multi-million...more
O’Dell v. Berkshire Bank, 5:24-cv-00652 (N.D.N.Y.) - On October 31, 2024, the Northern District of New York dismissed a putative class action against Berkshire Bank (“Berkshire”) with prejudice....more
On August 23, 2024, a divided panel of the U.S. Court of Appeals for the Ninth Circuit affirmed a jury’s verdict for a Chapter 7 trustee in an actual fraudulent transfer claim, which was based on the determination that...more
Notable litigation filed during September 2024 includes: (1) Williamson, et al. v. Linarducci, et al., No. 24-cv-01526 (S.D. Ind.); (2) Perrotta v. First Edge, LLC, et al., No. 24-cv-01638 (M.D. Fla.); (3) Next Gen. Inv....more
A recent Ninth Circuit Court decision highlights a risk for lenders caught up in a Ponzi scheme. In its recent EPD Investment decision, the Ninth Circuit reaffirmed that (as a matter of law) upon finding the existence of a...more
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
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
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
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
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
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
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
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’ 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
Notable litigation filed during January 2024 includes: (1) Bajuri v. Shiba Prop, LLC, et al. and (2) SEC v. Lee, et al....more
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
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
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
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
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