Banking and Finance

Recent Posts

Update from Zeek Receiver Provides Insights into Recovery, Clawbacks
Posted on 12 Aug 2013 by Jordan D. Maglich

The court-appointed receiver overseeing tbe 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... Read More

The 'Ponzi Scheme Presumption' Is Dead. Long Live the 'Ponzi Scheme Presumption'
Posted on 23 Mar 2015 by Jordan D. Maglich

By now, many who follow this site are likely aware of the Minnesota Supreme Court's recent ruling that denied a receiver's efforts to recover assets paid out to an investor on the basis that Minnesota's Uniform Fraudulent Transfer Act ("MUFTA"... Read More

Zeek Rewards Receiver Files Clawbacks Against Principals, Net Winners
Posted on 5 Mar 2014 by Jordan D. Maglich

The court appointed receiver tasked with recovering assets for the $600 million ZeekRewards Ponzi scheme has fired off the first salvo of clawback lawsuits seeking the return of nearly $300 million from company officers and investors fortunate enough... Read More

Supreme Court Deals $4 Billion Blow to Madoff Recovery Efforts
Posted on 25 Jun 2015 by Jordan D. Maglich

The Supreme Court refused to consider an appeal brought by the court-appointed bankruptcy responsible for recovering assets for Bernard Madoff's massive Ponzi scheme, instead leaving intact an appellate decision that prevents the recovery of "false... Read More

11th Circuit Clarifies "Property of Debtor" Issue, Opens Door To Prejudgment Interest In Clawback Suits
Posted on 3 Jun 2014 by Jordan D. Maglich

Editor's note: Author Jordan Maglich currently serves as counsel to the Receiver in the below case. The opinions contained herein represent his opinion only, and do not represent the views of his law firm or the Receiver. The Eleventh Circuit Court... Read More

Lawyers Seek Approval to Distribute Clawback Recoveries to Ponzi Victims
Posted on 6 Oct 2015 by Jordan D. Maglich

Victims of one of the largest Ponzi schemes uncovered in Ohio could soon receive a partial return of their losses based on efforts by attorneys to "claw back" fictitious profits paid to some investors. Attorneys representing victims of Glen... Read More

Facing Potential Clawback, Church Asks Members to Donate
Posted on 16 Apr 2015 by Jordan D. Maglich

A Michigan church that received approximately $300,000 in donations from a convicted Ponzi schemer has spurned a request by authorities to return the funds, instead announcing the creation of a fund that parishioners could donate to and which ultimately... Read More

In Depth: High Stakes as Stanford Clawback Suits Set to Begin in February
Posted on 26 Jan 2015 by Jordan D. Maglich

For the more than 20,000 investors who have thus far received little or nothing from their investment in Stanford CDs, money recovered from wherever it resides today is likely the largest portion of the money they will ever receive in restitution. CD... Read More

In $322 Million Petters Clawback Settlement, No Collection 'Til 2020
Posted on 8 Oct 2014 by Jordan D. Maglich

The court-appointed trustee overseeing recovery efforts for victims of Thomas Petters' $3.65 billion Ponzi scheme announced a $322 million settlement with two hedge funds accused of receiving hundreds of millions in so-called "false profits"... Read More

Zeek Receiver Wins Approval to Pursue Class Action Clawbacks
Posted on 17 Feb 2015 by Jordan D. Maglich

A North Carolina federal judge has given the go-ahead for a court-appointed receiver to treat nearly 10,000 "net winners" of the $700 million ZeekRewards Ponzi scheme as defendants in a class-action lawsuit - a mechanism that the overseeing... Read More