10th Circuit Says Investors Must Return Excess Funds From Ponzi Scheme Investment

DENVER - The 10th Circuit U.S. Court of Appeals on May 21 affirmed a district court's order requiring two trusts to return funds to the receiver for a company alleged to have operated as a Ponzi scheme, finding that the district court properly determined that the trusts received more than they invested in the company, and the acquisition of those excess funds constituted fraudulent transfers (Robert G. Wing v. Bruce S. Gillis, No. 12-4071, 12-4121, 10th Cir.; 2013 U.S. App. LEXIS 10174).

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