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§ 523(a)(19)

Allen v. Loughery (In re Loughery)

Jul
08
2011
Ruling
Settlement without judgment or admission of liability was still a nondischargeable debt for violation of securities laws.
Procedural posture

Plaintiff judgment creditors filed a complaint against defendant Chapter 7 debtor seeking a determination that a judgment was excepted from discharge pursuant to 11 U.S.C.S. § 523(a)(19). The creditors filed a motion for summary judgment.

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Consumer opinion summary, case decided on July 08, 2011 , LexisNexis #1011-047
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Voss v. Pujdak (In re Pujdak)

Jun
30
2011
Ruling
Collateral estoppel applied to state court funding of securities violations resulting in nondischargeable debt.
Procedural posture

Plaintiff judgment creditor filed a motion for judgment on the pleadings and to strike certain defenses in the creditor's action against defendant debtors, seeking to except the judgment debt from discharge pursuant to 11 U.S.C.S. § 523(a)(2)(A) and (a)(19).

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Consumer opinion summary, case decided on June 30, 2011 , LexisNexis #0711-126
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Frederick v. Hartmann (In re Hartmann)

May
25
2011
Ruling
Claim based on FINRA arbitration award dismissed as FINRA is not a federal or state judicial or administrative body.
Procedural posture

Debtor filed a motion to dismiss plaintiff investor's complaint, which sought to except from discharge an arbitration award pursuant to 11 U.S.C.S. § 523(a)(2)(A), (a)(4), (a)(6), and (a)(19).

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Consumer opinion summary, case decided on May 25, 2011 , LexisNexis #0611-088
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Allen v. Davis (In re Loughery)

Oct
18
2010
Ruling
Settlement of securities fraud action in which debtor did not admit to violations was dischargeable.
Procedural posture

Creditors filed an adversary proceeding against chapter 7 debtor, seeking a determination that the debtor owed the creditors a debt that was nondischargeable under 11 U.S.C.S. § 523(a)(19) because he violated federal and state securities laws when he sold them stock in a corporation. The creditors filed a motion for judgment on the pleadings.

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Consumer opinion summary, case decided on October 18, 2010 , LexisNexis #1210-019
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Carter v. Brooms (In re Brooms)

Mar
05
2010
Ruling
Nondischargeability proceeding ordered dismissed unless creditor assignee provided evidence of assignment.
Procedural posture

Plaintiff, a purported assignee of a pre-bankruptcy judgment against defendant chapter 7 debtor, filed a complaint alleging that the debt was nondischargeable pursuant to 11 U.S.C.S. § 523(a)(19). At a status conference, the court raised the issues of whether the assignee was the real party in interest and whether the original judgment creditor retained any interest in the assigned judgment so as to preclude the assignee from representing her.

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Consumer opinion summary, case decided on March 05, 2010 , LexisNexis #0510-090
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Filian v. Jansma (In re Jansma)

Jan
21
2010
Ruling
State court judgment and order of prohibition were sufficient to support proceeding for nondischargeability based on breach of securities laws or securities fraud.
Procedural posture

This matter came before the court on defendant debtor's motion to dismiss Count IV of this adversary proceeding for failure to state a claim, pursuant to Fed. R. Civ. P. 12(b)(6), made applicable via Fed. R. Bankr. P. 7012. The underlying complaint sought a finding that debtor's debt to plaintiff creditor was nondischargeable under 11 U.S.C.S. § 523(a)(19).

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Consumer opinion summary, case decided on January 21, 2010 , LexisNexis #0310-125
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Stokes v. Jeppesen (In re Jeppesen)

Jun
27
2007
Ruling
Creditors knowing participation in Ponzi scheme precluded nondischargeability for willful, malicious injury but related securities law judgment was nondischargeable.
Procedural posture

Plaintiff purchasers of promissory notes from defendant bankruptcy debtor brought an adversary proceeding against the debtor, seeking a determination a debt to the plaintiffs arising from the notes was not dischargeable based on willful and malicious injury, false pretenses, and a judgment under 11 U.S.C. § 523(a)(2), (6) and (19). The bankruptcy court conducted a trial.

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Commercial opinion summary, case decided on June 27, 2007 , LexisNexis #1107-100
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In re Zandford

Jul
18
2006
Ruling
Claim based on civil judgment for securities law violations was nondischargeable whether or not allowed.
Procedural posture

The debtor filed a petition to disallow a proof of claim filed by the Securities and Exchange Commission ("SEC"). The proof of claim was based on a civil judgment (requiring disgorgement) following a criminal conviction of the debtor for securities law violations. The debtor argued that under the Debt Collection Improvement Act of 1996, 31 U.S.C. § 3701 et seq., the SEC had no standing to assert the claim.

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opinion summary, case decided on July 18, 2006 , LexisNexis #0906-128
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