- 11 U.S.C.
Steed v. Hawkins (In re Rivas)
Apr
06
2012
Ruling
Transfers by debtor Ponzi scheme operator to "equity agent" were avoidable where no value was received in exchange.
Procedural posture
Plaintiff trustee filed an adversary proceeding against defendant agent, seeking a determination that he was entitled under 11 U.S.C.S. § 548(a)(1) to recover money the agent received from a chapter 7 debtor who operated a Ponzi scheme. The trustee filed a motion for summary judgment, and the court consolidated the trustee's motion with objections the trustee filed to claims the agent filed against the debtor's bankruptcy estate.
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Court
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