The Ponzi Book: A Legal Resource for Unraveling Ponzi Schemes

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LexisNexis, May 19, 2012 - Law - 824 pages
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Covering virtually all legal issues relating to unwinding Ponzi schemes, The Ponzi Book is relevant and timely, given the increased exposure of Ponzi schemes and the substantial litigation that has ensued in the quest to find assets and to make investors whole. Designed to be a comprehensive guide to the complex issues that arise in Ponzi schemes, The Ponzi Book includes a thorough legal analysis to support competing claims and defenses of affected parties, and contains a sophisticated discussion of the administrative practicalities that arise in Ponzi cases.

Both practitioners in the field and parties affected by a Ponzi scheme can benefit from the comprehensive coverage of issues in The Ponzi Book. Several chapters are dedicated to increasingly common fraudulent transfer claims (clawbacks) and preference claims arising in Ponzi schemes, along with the defenses that investors, brokers and others can assert to those claims. The book also includes a detailed discussion of a broad array of litigation claims that can be pursued against any type of defendant with culpability or liability due to its involvement in a Ponzi scheme. Separate chapters are dedicated to each of the complicated legal issues of deepening insolvency, standing, and in pari delicto as they arise in Ponzi litigation. Since Ponzi schemes usually involve related criminal proceedings, the book also covers Fifth Amendment and other privilege issues as well as a detailed analysis of what happens to competing claims for assets in parallel insolvency and criminal proceedings.

For those seeking to recover assets, several chapters discuss prejudgment remedies available to freeze assets, contempt proceedings, and service issues both internationally and domestically. The ultimate end game for claimants and those administering the unwinding of a Ponzi proceeding is the claims and allowance and distribution process, and this book offers a sophisticated review of differing approaches and methodologies available in the claims review process.

Finally, the highlights of recent changes in the tax laws relative to tax relief for Ponzi victims are covered to raise awareness of these issues for victims and their tax advisors.


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Actual Fraudulent Transfer Claims
Chapter 3
Defenses to Fraudulent Transfer Claims and Preference
Property Interests and Express Resulting and Constructive
Claim Interest in ThirdParty Property
Receivership Assets
Tort and Equitable Claims Against Insiders and Third
The In Pari Delicto Defense
Privilege Issues and Exchanging
Forfeiture Proceedings and Victim Compensation Through
b Definition of Victim in the Restitution Process
Civil Insolvency Proceedings to Compensate Ponzi Victims
Use of Contempt Proceedings to Recover Assets

a When the Corporation Is Solvent
e Business Judgment Rule Still Applies in Zone
e Exclusions on DO Insurance Coverage
1 Circumstances in Ponzi Case Giving Rise to Claim
Deepening Insolvency
4 Causation of Damages
Disgorgement Claims Against Relief Defendants
Securities and RICO Violations
Equitable Subordination
The Economic Loss Defense
Foreign Proceedings and Discovery Abroad
Allowance of Claims and Distribution Schemes
Prejudgment Remedies
Tax Issues Arising in Ponzi Schemes
Applying the Rising Tide Method of Claims Distribution
B The Lake Shore Alternative Rising Tide Method

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