Judge: Receiver Can't Void Commissions On Properties Sold To Ponzi Operator

Judge: Receiver Can't Void Commissions On Properties Sold To Ponzi Operator

SALT LAKE CITY - In a suit in which the receiver for a company that was operated as an alleged Ponzi scheme sued to recover commissions on real estate transactions related to the alleged scheme, a federal judge in Utah on June 11 granted summary judgment in favor of the defendants, ruling that the Texas Uniform Fraudulent Transfers Act (TUFTA) does not give the receiver the right to seek a judgment that would result in retention of value above what was initially contemplated by the transactions (Roger J. McConkie v. Rice Properties, et al., No. 09-00275, D. Utah; 2012 U.S. Dist. LEXIS 80902).

Find full version on lexis Advance®
Access this news story on lexis.com®