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Tuesday, May 19, 2015

Two Recent Decisions Potentially Expand Fraudulent Transfer Exposure in Ponzi Schemes

Two recent decisions from the Fifth Circuit and Eighth Circuit could expand the fraudulent transfer exposure of unknowing third parties that provide goods, services, or funding to companies operating Ponzi schemes.

 Janvey v. The Golf Channel 

 The Fifth Circuit's recent decision in Janvey v. The Golf Channel, Inc., if followed by courts in other circuits, could leave many unknowing vendors and service providers in Ponzi scheme cases without a defense to fraudulent transfer claims by a trustee or receiver. 

The decision arises from the highly-publicized, multi-billion dollar Ponzi scheme perpetrated by Allen Stanford. In 2009, the Securities and Exchange Commission filed a civil enforcement action in the Northern District of Texas, obtained a freeze of all assets of Stanford International Bank, Ltd. ("Stanford") and its affiliates, and requested the appointment of Ralph S. Janvey as receiver ("Receiver"), which the district court granted.

 Advertising provided no value to creditors, transfers recoverable by receiver

 Stanford had paid The Golf Channel, Inc. ("Golf Channel") a total of $5.9 million for advertising and other promotional services related to Stanford's sponsorship of a PGA Tour event held in Memphis, Tennessee.........

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum

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