Banks and banking – Client account – Ponzi scheme
Where a plaintiff brought suit against a defendant bank and codefendant law partners for their role in an alleged Ponzi scheme, a judgment for the defendants should be affirmed except as to claims...
View ArticleForfeiture – Interpleader – Seized funds – Ponzi scheme
Where (1) the United States seized $43,353.17 in connection with an elaborate Ponzi Scheme and (2) Sovereign Bank, holding the money in trust for the defendants, filed an interpleader action asking the...
View ArticleArbitration – Accounting firm – Ponzi scheme
Where a defendant accounting firm charged with fraud and negligence moved to compel arbitration, the motion was correctly denied based on a Superior Court judge’s conclusion that the arbitration...
View ArticleBankruptcy – Conversion to Chapter 7 – Ponzi scheme
Where the Chapter 11 debtors have demonstrated no likelihood that their reorganization plan would be approved, a trustee should be appointed.
View ArticleJudge OKs $150M to pay scam victims
A bankruptcy judge in Boston has confirmed a plan to pay $150 million to victims of a multi-billion-dollar Ponzi scheme promoted and operated by defunct internet phone service company TelexFree. The...
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