Madoff Ponzi Aftermath

In the aftermath of Bernie Madoff’s Ponzi scheme, financial victims are still suffering losses, and looking for any possible route to recover a fraction of investments. One potential road to recovery is from “feeder funds”. Feeder firms sent investors’ funds to Madoff Securities. These firms failed to detect the fraud. However, collecting from the feeder […]

FTC v. 1st Guar. Mortg. Corp.

Consumers deep in debt and about to file bankruptcy may want to read about Federal Trade Commission (“FTC”) v. 1st Guar. Mortg. Corp., 2011 U.S. Dist. LEXIS 38152 (S.D. Fla. Mar. 30, 2011) on credit scores and repairs. The background facts of the case: The FTC brought an action against corporate defendants and individuals alleging […]

Consumer Debt Collection in New York

Of importance to consumers facing debt collection problems is 15 USC Section 1681, the Fair Credit Reporting Act. A “debt collector” is generally any person who, in the ordinary course of business, regularly, on behalf of himself or others, engages in the collection of consumer debts. A “consumer debt” is generally a debt incurred by […]

Tax Discharge in New York Bankruptcy

Game News reported March 28, 2011 in “Trip Hawkins in serious shizzle over $20m tax bill” that the founder of Electronic Arts was rejected by a federal judge when he tried to use personal bankruptcy to cancel more than $20 million of federal and state tax obligations.  The gaming giant is responsible for mega-blockbusters like […]