L-R: U.S. Court of Appeals for the Eleventh Circuit Judge Jill Pryor, Chief Judge William Pryor and Senior Judge Stanley Marcus. Credit: ALM/Courtesy photo Eleventh Circuit Clarifies Receiver's Power Following Ponzi Scheme
"When the perpetrators are removed and a receiver is appointed in their place, the corporate structures are no longer the 'evil zombies' of the perpetrator; they are '[f]reed from his spell' and regain standing to sue for the return of money fraudulently transferred," the appeals court held.
March 20, 2024 at 02:48 PM
5 minute read
The original version of this story was published on Daily Business Review
The U.S. Court of Appeals for the Eleventh Circuit ruled Tuesday that a receiver appointed in the wake of a Ponzi scheme has standing to maintain fraudulent-transfer claims against alleged accomplices, and might have standing to pursue common-law tort claims against such accomplices.
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