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Russell Wasendorf Gets 50-Year Sentence For Fraud Related To Peregrine Bankruptcy

CEDAR FALLS, Iowa- (Mealey's) A federal judge in Iowa on Jan. 31 sentenced Russell R. Wasendorf, the former CEO of bankrupt Peregrine Financial Group Inc., to 50 years in federal prison for stealing more than $215.53 million in customer funds while he operated his commodities futures business ( USA...

U.S. Supreme Court Hears Arguments In Case Of Debtor's Alleged Defalcation

WASHINGTON, D.C.- (Mealey's) The U.S. Supreme Court on March 18 heard oral arguments in a case involving a bank's claim that a debtor who had acted as trustee for his father's insurance trust acted recklessly and was guilty of defalcation for making loans to himself during the time he had...

U.S. Supreme Court Remands Bankruptcy Defalcation Case, Says Higher Standard Needed

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on May 13 unanimously vacated and remanded a case involving a bank's claim that a debtor who had acted as trustee for his father's insurance trust was guilty of defalcation for making loans to himself during the time he had control of the...

U.S. Supreme Court Will Hear Bankruptcy Case Involving Charge On Debtor's Property

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on June 17 granted certiorari in a case involving the question of whether a bankruptcy court has the power to levy a financial charge against a Chapter 7 debtor's residential property, which he has claimed falls under the homestead exemption...

U.S. Supreme Court to Rule on Bankruptcy Judges' Power in 'Core' Proceedings

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on June 24 granted certiorari in a case dealing with the questions of whether Article III of the U.S. Constitution permits the exercise of the judicial power of the United States by bankruptcy courts on the basis of litigant consent and whether...

U.S. High Court Hears Debate On Jurisdiction, Authority Of Bankruptcy Judges

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court on Jan. 14 heard oral arguments in a case dealing with whether Article III of the U.S. Constitution permits the exercise of the judicial power of the United States by bankruptcy courts on the basis of litigant consent and whether a bankruptcy...