A federal appeals court has ordered that a receiver can recover referral fees paid to a Ponzi scheme investor who referred friends and family to the scheme because those referral services did not provide value to the scheme. The U.S.
Ponzitracker
Ponzitracker, published by Quarles & Brady LLP, focuses on legal developments related to Ponzi schemes and financial fraud. The blog covers court decisions on recovery of investor funds, clawback actions against recipients of illicit payments, criminal prosecutions of fraudsters, and regulatory enforcement actions. It discusses issues such as the application of fraudulent transfer laws, receivership litigation, restitution and sentencing in Ponzi scheme cases, and the impact of these cases on investors and victims. The blog also highlights notable Ponzi schemes and legal strategies used to address investor losses and asset recovery.
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Ponzi in Paradise? Florida Keys Men Accused Of $7 Million Ponzi Scheme
Three Florida Keys residents were arrested by state authorities and accused of running a Ponzi scheme that duped investors out of at least $7 million. Jose Luis Leon, 56, Richard Renner, 56, and Natalie Marie Rogers, 53, were arrested earlier…
Stanford Ponzi Victim Ordered To Return Entire $79 Million Principal Investment To Receiver
Allen Stanford’s Mug ShotOften in the aftermath of a Ponzi scheme once the dust has settled and a Receiver or Trustee has taken stock of the remnants of what was once touted as a guaranteed and safe investment opportunity, the…
Saying “Restitution Comes First,” Judge Slashes Prison Sentences For Brothers Convicted Of Running Ponzi Scheme
“The longer you’re incarcerated, the longer the victims go without any money…Restitution comes first.”
– Ingham County Judge Rosemarie Aquilina
A Michigan judge drastically reduced the sentences of twin brothers convicted of operating a multi-million dollar real estate Ponzi scheme, reasoning…
Suspected Ponzi Schemer's Suicide Could Mean 100% Recovery For Victims
Investors defrauded by a Charlotte businessman’s suspected $50 million Ponzi scheme may ultimately recoup most or all of their losses in a proposed settlement due to the accused schemer’s decision to purchase tens of millions of dollars in life insurance…
Accused Ponzi Schemer Caught Passing Note To Wife Urging Her To Hide Assets And Replace Good Wine With “Sh-t Wine”
“Have your dad take my golf clubs…Hide cash or checks … drink good wine in sub zero’s, replace with sh– wine in basement…F— them. They have taken enough! Get stuff out…”
– Letter allegedly written by Kevin Merrill and intercepted…
Mississippi University Will Return Most Of Ponzi Schemer's $400,000 Donation
A Mississippi university has reached an agreement to return nearly 90% of funds its athletic department received from a Mississippi man who pleaded guilty last year to operating a $100 million Ponzi scheme. The University of Mississippi, also known as…
SEC, CFTC Accuse Utah Man Of $170 Million Silver-Trading Ponzi Scheme
State and Federal regulators have accused a Utah man and his company of scamming hundreds of investors out of up to $170 million on promises that trading in silver could yield annual returns of 20% to 40%. Gaylen Dean Rust…
Mississippi Man Gets 20 Years For State’s Biggest Ponzi Scheme
source: https://newsms.fm/website-provides-info-to-victims-of-100m-ponzi-scheme/A Mississippi man will serve nearly twenty years in federal prison after pleading guilty to masterminding the largest Ponzi scheme in Mississippi’s history. Arthur Lamar Adams, 58, was sentenced to 19.5 years in prison for a Ponzi scheme that…