Unraveling Fraud: Chasing Returns and Recovering Losses from Ponzi Schemes
Download MP3In this episode, we delve into the complex world of third-party liability in Ponzi schemes and scams.
Understanding Third-Party Liability
- Exploring how victims seek to recover their funds when scammed, such as through lawsuits or asset recovery.
- Discussion on the legal theory of third-party liability or vicarious liability.
Identifying third parties
- Highlighting various entities that may be implicated in enabling fraudulent activities, including banks, accountants, attorneys, and advertising companies.
- Emphasizing real-life cases like Bernie Madoff's Ponzi scheme and the Scott Rothstein fake attorney case.
Current Case Study
- Presenting a recent lawsuit against a major bank for $300 million due to its alleged facilitation of a 10-year Ponzi scheme affecting 1,000 investors.
- Exploring claims that the bank's lax procedures made it easier for the scammer to operate.
Legal Considerations and Advice
- Reminding listeners to seek legal counsel for specific advice on third-party liability.
- Advising thorough investigations into fraud cases, including scrutiny of potential third parties involved.
Conclusion
- Encouraging the pursuit of third-party liability as a means to recover assets more effectively, as often these entities are easier targets than elusive scammers.
