McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Throughout the past four years, we’ve tracked and posted case alerts on Ponzi-related complaints filed in federal and state courts throughout the country, analyzed key decisions that have the potential to influence controlling law, and posted practical considerations for financial institutions to consider when facing claims from defrauded investors or court appointed receivers and trustees. This 2024 year-end round up summarizes the cases and opinions analyzed throughout the year and highlights anticipated trends for 2025.
Aiding and Abetting
Notable Litigation – October 2024
By Alexandra Farley on
Posted in New Complaints
Notable litigation filed in October 2024 includes: (1) Jolley v. WCM Global Wealth, LLC, et al., No. 2024CP2306268 (S.C. Com. Pl.); (2) Vazquez, et al., v. Inventis Ventures Holding, Inc., et al., No. 2024-01436108 (Cal. Super. Ct.); and (3) Jaramillo v. AM Transport Group LLC, et al., No. 2024-020463-CA-01 (Fla. Cir. Ct.).…
Continue Reading… Notable Litigation – October 2024Northern District of New York Dismisses Claim—With Prejudice—of a Bank Aiding-and-Abetting Ponzi Scheme
By Zachary Missan & Melek Dunn on
Posted in Case Analysis
O’Dell v. Berkshire Bank, 5:24-cv-00652 (N.D.N.Y.)
On October 31, 2024, the Northern District of New York dismissed a putative class action against Berkshire Bank (“Berkshire”) with prejudice.[1]
I. Facts
O’Dell involved the standard story of a Ponzi class action against a bank, in which investors lost money through a Ponzi scheme—perpetrated by a…
Continue Reading… Northern District of New York Dismisses Claim—With Prejudice—of a Bank Aiding-and-Abetting Ponzi SchemeNotable Litigation – May 2024
By Katelyn M. Fox & Karli Celestin on
Posted in New Complaints
Notable litigation filed during May 2024 includes: (1) Courtney v. Sawyer, et al., No. 24-cv-37962 (Cal. Super. Ct.); (2) two related actions by a court-appointed receiver, captioned Dottore v. FTF Lending, LLC, et al., No. CV-2024-05-1878 (Ohio Ct. Comm. Pl.); Dottore v. MHS Investors LLC, No. CV-2024-05-1904 (Ohio Ct. Comm. Pl.); and…
Continue Reading… Notable Litigation – May 2024Ponzi Perspectives: 2023 Year-End Roundup
Posted in Roundups
McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Since that time, we’ve posted detailed case alerts of Ponzi-related complaints filed throughout the country and posted key decisions that have the potential to influence controlling law on Ponzi-related issues involving financial institutions. This 2023 year-end round up summarizes the cases and opinions analyzed throughout the year and highlights anticipated trends for 2024.
Notable Litigation – December 2023
By Karli Celestin on
Posted in New Complaints
Notable litigation filed during December 2023 includes: (1) Wells, et al. v. Edisto River Investors, LLC, et al.; (2) Dagan, et al. v. Greenfield, et al.; (3) SEC v. Agridime LLC, et al.; and (4) Barnett, et al. v. Bey, et al.
Notable Litigation – November 2023
By Joanna Johnston on
Posted in New Complaints
Notable litigation filed during November 2023 includes: (1) BB & MB WDF, LLC v. Seare, et al.; (2) Day v. Heppner, et al.; (3) Scura v. Heppner, et al.; and (4) Commodity Futures Trading Comm’n v. Young, et al.
Notable Litigation – September 2023
By Karli Celestin on
Posted in New Complaints
September was an active month for Ponzi litigation with nearly a dozen new complaints filed alleging fraudulent investment activity. The SEC continues to drive Ponzi-related litigation; in addition to four enforcement actions brought last month, previous SEC litigation precipitated several complaints filed by investors and court-appointed receivers. Consistent with the trends discussed in Ponzi Perspective’s Midyear Roundup, the majority of actions filed in September involved real estate investment schemes and targeted solicitation of affinity groups.
Notable litigation filed in September 2023 includes: (1) Conlan v. Roach, et al.; (2) Reispec Develop. LLC v. Pina, et al.; (3) Dottore v. SDR Realty; (4) SEC v. Kubler, et al.; (5) McGrath v. Palowet Inv., LLC; (6) SEC v. Feloni, et al.; (7) SEC v. Aras Inv. Bus. Grp., et al.; (8) American Eagle Oil & Gas Co., et al. v. Navarro Prod. Co., et al.; (9) Luppino v. Spano, et al.; and (10) SEC v. Motil, et al.
Notable Litigation – August 2023
By Zachary McCamey on
Posted in New Complaints
Notable litigation filed during August 2023 includes: (1) SEC v. Rocha; (2) Legum v. Garfinkel, et al.; and (3) SEC v. Conn. Jr.
Notable Litigation – July 2023
By Jenny Yi on
Posted in New Complaints
Notable litigation filed during July 2023 includes: (1) O’Keefe v. Multicoin Cap. Mgmt. LLC; (2) Bledsoe v. Order of Magnitude Ventures LLC; (3) O’Keefe v. Farmington State Bank; and (4) SEC v. Tadrus.