To gain valuable recognition, Ponzi perpetrators often
make handsome contributions to charities. But those contributions create
political difficulties for the trustees and receivers in evaluating whether to
seek the return of those contributions on fraudulent transfer theories for the
Sheila Gowan, the trustee of Dreier, LLP ("DLLP"), has
filed a fraudulent transfer action against Marc Dreier's personal art advisor,
Heidi Lee, and her business, Heidi Lee Art Advisory. Gowan asserts that Marc Dreier
caused DLLP to make a series of transfers to Lee totaling $1,940,915...
For investors who need help from the IRS on how to treat
clawback payments made to trustees, the IRS has published a new webpage .
So far the IRS has posted answers to two questions:
1. How does a
taxpayer treat the repayment of a clawback?
2. What does the
taxpayer need to establish...
Clawback actions in Ponzi scheme cases may be a dime a
dozen these days, but the issues now raised by the Supreme Court decision in Stern v. Marshall , __ U.S. __, 131 S. Ct.
2594 (2011), can become quite costly for those involved. In Stern
v. Marshall , the Supreme Court held that bankruptcy judges...
The court-appointed receiver overseeing the recovery of funds for the $600 million ZeekRewards Ponzi scheme has filed his quarterly update (the "Update") with the court, providing interesting insight into asset recovery, litigation against so-called "net winners," and the recently...
A New Mexico couple facing the possible "clawback" of nearly $1 million from the largest Ponzi scheme in New Mexico history has filed for bankruptcy in a bid to avoid dodge the lawsuit. Mark and Maura Dahrling, of Albuquerque, New Mexico, were among hundreds of investors that lost approximately...