- 11 U.S.C.
Oklahoma Dept of Securities ex rel. Faught v. Wilcox (In re Wilcox)
Aug
20
2012
Ruling
Judgment that debtor Ponzi scheme investors were unjustly enriched was nondischargeable reversed as operators, not debtors, violated securities laws.
Procedural posture
At the behest of appellee state department of securities, judgments were entered against appellant bankruptcy debtors after state courts found early investors in a Ponzi scheme had been unjustly enriched. The debtors appealed the decision of the United States District Court for the Western District of Oklahoma that affirmed the decision of a bankruptcy court that the judgments qualified as a nondischargeable debt under 11 U.S.C.S. § 523(a)(19).
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Court
:
Judge or Jurisdiction information not available