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Seems Like Old Times Ponzi Scheme Featuring Neil Luria on Taylor, Bean and Whitaker Mortgage Corp.

Seems Like Old Times Ponzi Scheme Featuring Neil Luria on Taylor, Bean and Whitaker Mortgage Corp.

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Published by stacyvan

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Categories:Types, Business/Law
Published by: stacyvan on Sep 19, 2012
Copyright:Attribution Non-commercial


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It Seems Like OldTimes: Prosecuting and Defending PonziScheme Claims
Raymond Millien |
PCT Companies; Washington, D.C.
Steven T. Waterman |
Dorsey & Whitney LLP; Salt Lake City
Hon. Elizabeth E. Brown |
U.S. Bankruptcy Court (D. Col.); Denver
Prof. Michael D. Sousa |
University of Denver Sturm College of LawDenver
Daniel M. Glosband |
Goodwin Procter LLP; Boston
Mariaelena Gayo-Guitian |
Genovese Joblove & Battista, P.A.Ft. Lauderdale, Fla.
Greg Poulsen |
Intermountain Healthcare; Salt Lake City
Susan M. Smith |
Mesirow Financial Consulting, LLCMiami
Mark Wolfson, Moderator |
Foley & Lardner LLP; Tampa, Fla.
Hon. Laurel Myerson Isicoff |
U.S. Bankruptcy Court (S.D. Fla.); Miami
Kenneth Krys |
KRyS Global; Grand Cayman, Cayman Islands
Neil Luria |
Navigant Capital Advisors, LLC; Evanston, Ill.
Start Your Research Here
44 Canal Center Plaza • Suite 400 • Alexandria, VA 22314-1546 • phone: 703.739.0800 • abi.orgJoin our networks to expand yours: © 2011 American Bankruptcy Institute All Rights Reserved.
With ABI’s Code & Rules:
Search or a specifc provision o the Bankruptcy Code and related RulesAccess links to relevant case law by section (provided by site partner, LexisNexis®)Retrieve a Code section or case summary – even on your mobile devicePersonalize it with bookmarks and notesReceive it FREE as an ABI member
Current, Personalized, Portablelaw.abi.org
 American Bankruptcy Institute
ABI 2012 Caribbean Insolvency Symposium:Ponzi Schemes: Madoff and its Impact
Mark WolfsonFoley & Lardner LLP, Tampa, Florida813.225.4119mwolfson@foley.comAlissa M. NannFoley & Lardner LLP, New York, New York 
1.Bankruptcy Code Section 548(a)(1) – Fraudulent Transfers
548(a)(1)(A) – Actual Fraud
. Section 548(a)(1)(A) allows a trusteeavoid transfers made by debtor with the actual intent to hinder, delay or defraud creditorswithin the 2 year period prior to the bankruptcy petition date. Trustee may recover theentire transfer made by debtor with actual intent, including the defendant’s originalinvestment amount, unless the defendant can affirmatively establish his or her good faith(as discussed below). Trustee need not prove that the transfer was for less than fair valueif actual intent is proven.
See Bayou Superfund LLC v. WAM Long/Short Fund II L.P. (Inre Bayou Group, LLC)
, 362 B.R. 624 (Bankr. S.D.N.Y. 2007);
 see also, Sharp Int’l Corp.v. State Street Bank & Trust Co. (In re Sharp Int’l Corp.)
, 403 F.3d 43, 56 (2d Cir. 2005).i.Actual Intent of Transferor Required(1)“Ponzi Scheme Presumption”: as a matter of law, a debtor running a Ponzi scheme possesses actual intent to hinder, delay or defraud.
 In re Bayou Group, L.L.C.
, 362 B.R. at 629 (
 Bayou II 
 Balaber-Strauss v.Sixty-Five Brokers (In re Churchill Mortg. Inv. Corp.),
256 B.R 664, 675(Bankr. S.D.N.Y. 2000) (citing
 Martino v. Edison Worldwide Capital (In re Randy),
189 B.R. 425, 438 (Bankr. N.D.Ill.1995));
 Johnson v. Neilson (Inre Slatkin)
, 525 F.3d 805 (9th Cir. 2008);
 Notinger v. Migliaccio (In re Fin. Res. Mortg., Inc., et al.)
, 454 B.R. 6 (Bankr. D. N.H. 2011)(bankruptcy court found the “Ponzi scheme presumption” existed whereavoidance complaint did not allege a “ponzi scheme” by name but the pleading described the debtor’s activities in that way).(a)The Bankruptcy Court for the Southern District of Florida recently found that, in addition to criminal convictions based on operating a Ponzi scheme, criminal plea agreements can be used to establish the “Ponzi scheme presumption” of intent tohinder delay or defraud exists. The court held that the admissionscontained in principal Scott Rothstein’s Information and Plea

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