LexisNexis® Legal Newsroom
Can a Receiver and a Trustee, Who Are the Same Person, Settle with Himself?

Thomas J. Petters’ $3.65 billion Ponzi scheme has raised all kinds of interesting legal issues, the most recent of which involves the interplay between Thomas Petters’ individual receivership estate and the bankruptcy of Petters’ companies. David Kelley was first appointed as the receiver...

Rothstein Ponzi Scheme: A Settlement, Finally

The intersection of bankruptcy and forfeiture proceedings can lead to considerable fighting over the assets that were once in the possession and control of the perpetrator. The recent filing of a motion to approve a settlement in the hard fought battle over forfeited assets in connection with the Scott...

July 2014 Ponzi Scheme Roundup

Below is a summary of the activity reported for July 2014. The reported stories reflect: 10 guilty pleas or convictions in pending cases; over 20 years of newly imposed sentences for people involved in Ponzi schemes; at least 8 newly discovered schemes allegedly involving over $440 million and over 25...

The Problem with Multiple Accounts in Ponzi Scheme Clawback Actions

Can different but related account holders offset losses in one account against gains in another account? Can a husband and wife with separate accounts offset losses in one account against gains in the other? When there is a family trust, can the trustee and beneficiary offset gains in the trust account...

August 2014 Ponzi Scheme Roundup

Below is a summary of the activity reported for August 2014. The reported stories reflect: 10 guilty pleas or convictions in pending cases; over 138 years of newly imposed sentences for people involved in Ponzi schemes; at least 5 newly discovered schemes; and an average age of approximately 55 for the...

September 2014 Ponzi Scheme Roundup

Below is a summary of the activity reported for September 2014. The reported stories reflect: 4 guilty pleas or convictions in pending cases; over 239 years of newly imposed sentences for people involved in Ponzi schemes; at least 11 newly discovered schemes involving over 135,000 victims and more than...

October 2014 Ponzi Scheme Roundup

Below is a summary of the activity reported for October 2014. The reported stories reflect: 8 guilty pleas or convictions in pending cases; over 158 years of newly imposed sentences for people involved in Ponzi schemes; at least 10 newly discovered schemes involving more $500 million in the aggregate;...

November 2014 Ponzi Scheme Roundup

Below is a summary of the activity reported for November 2014. The reported stories reflect: 9 guilty pleas or convictions in pending cases; over 80 years of newly imposed sentences for people involved in Ponzi schemes; at least 5 newly discovered schemes involving more $100 million in the aggregate;...

December 2014 Ponzi Scheme Roundup

Below is a summary of the activity reported for December 2014. The reported stories reflect: 5 guilty pleas or convictions in pending cases; over 112 years of newly imposed sentences for people involved in Ponzi schemes; at least 8 newly discovered schemes involving more $200 million and over 32,000...

January 2015 Ponzi Scheme Roundup

Below is a summary of the activity reported for January 2015. The reported stories reflect: 6 guilty pleas or convictions in pending cases; over 118 years of newly imposed sentences for people involved in Ponzi schemes; at least 11 newly discovered schemes involving more $180 million; and an average...

February 2015 Ponzi Scheme Roundup

Below is a summary of the activity reported for February 2015. The reported stories reflect: 2 guilty pleas or convictions in pending cases; over 64 years of newly imposed sentences for people involved in Ponzi schemes; at least 5 newly discovered schemes involving more $138 million; and an average age...

March 2015 Ponzi Scheme Roundup

Below is a summary of the activity reported for March 2015. The reported stories reflect: 4 guilty pleas or convictions in pending cases; over 49 years of newly imposed sentences for people involved in Ponzi schemes; a possible new massive Ponzi scheme involving $16 billion; and an average age of approximately...

April 2015 Ponzi Scheme Roundup

Below is a summary of the activity reported for April 2015. The reported stories reflect: 10 guilty pleas or convictions in pending cases; over 105 years of newly imposed sentences for people involved in Ponzi schemes; at least 11 new Ponzi schemes involving nearly $100 million; and an average age of...

May 2015 Ponzi Scheme Roundup

Below is a summary of the activity reported for May 2015. The reported stories reflect: 7 guilty pleas or convictions in pending cases; over 62 years of newly imposed sentences for people involved in Ponzi schemes; at least 16 new Ponzi schemes involving over $130 million; and an average age of approximately...

July 2015 Ponzi Scheme Roundup

Below is a summary of the activity reported for July 2015. The reported stories reflect: 10 guilty pleas or convictions in pending cases; over 166 years of newly imposed sentences for people involved in Ponzi schemes; at least 11 new Ponzi schemes involving over $112 million; and an average age of approximately...

September 2015 Ponzi Scheme Roundup

Below is a summary of the activity reported for September 2015. The reported stories reflect: 5 guilty pleas or convictions in pending cases; over 41 years of newly imposed sentences for people involved in Ponzi schemes; at least 3 new Ponzi schemes; and an average age of approximately 52 for the alleged...

TelexFree Trustee Seeks Approval For "Unprecedented" Electronic Claims Process

"The Debtors’ operations constituted a massive Ponzi /pyramid scheme." - Court appointed trustee Stephen B. Darr The court-appointed Bankruptcy trustee responsible for marshaling assets for victims of the massive alleged $3 billion TelexFree Ponzi/pyramid scheme has asked a Massachusetts...

October 2015 Ponzi Scheme Roundup

Below is a summary of the activity reported for October 2015. The reported stories reflect: 3 guilty pleas or convictions in pending cases; over 93 years of newly imposed sentences for people involved in Ponzi schemes; at least 4 new Ponzi schemes; and an average age of approximately 54 for the alleged...

November 2015 Ponzi Scheme Roundup

Below is a summary of the activity reported for November 2015. The reported stories reflect: 3 guilty pleas or convictions in pending cases; over 77 years of newly imposed sentences for people involved in Ponzi schemes; at least 9 new Ponzi schemes worldwide; and an average age of approximately 54 for...

December 2015 Ponzi Scheme Roundup

Below is a summary of the activity reported for December 2015. The reported stories reflect: 6 guilty pleas or convictions in pending cases; over 14 years of newly imposed sentences for people involved in Ponzi schemes; at least 5 new Ponzi schemes worldwide; and an average age of approximately 47 for...

January 2016 Ponzi Scheme Roundup

Below is a summary of the activity reported for January 2016. The reported stories reflect: 5 guilty pleas or convictions in pending cases; over 70 years of newly imposed sentences for people involved in Ponzi schemes; at least 5 new Ponzi schemes worldwide; and an average age of approximately 53 for...

February 2016 Ponzi Scheme Roundup

Below is a summary of the activity reported for February 2016. The reported stories reflect: 10 guilty pleas or convictions in pending cases; over 108 years of newly imposed sentences for people involved in Ponzi schemes; at least 10 new Ponzi schemes worldwide involving more than $8.6 billion; and an...

March 2016 Ponzi Scheme Roundup

Below is a summary of the activity reported for March 2016. The reported stories reflect: 7 guilty pleas or convictions in pending cases; over 120 years of newly imposed sentences for people involved in Ponzi schemes; at least 11 new Ponzi schemes worldwide involving more than $400 million; and an average...

April 2016 Ponzi Scheme Roundup

Below is a summary of the activity reported for April 2016. The reported stories reflect: 3 guilty pleas or convictions in pending cases; over 26 years of newly imposed sentences for people involved in Ponzi schemes; at least 10 new Ponzi schemes worldwide; and an average age of approximately 50 for...

May 2016 Ponzi Scheme Roundup

Below is a summary of the activity reported for May 2016. The reported stories reflect: 3 guilty pleas or convictions in pending cases; over 129 years of newly imposed sentences for people involved in Ponzi schemes; at least 8 new Ponzi schemes worldwide; and an average age of approximately 47 for the...