Until the Bernie Madoff case, the term “clawback” was virtually unknown in the asset recovery world. Now it has become a powerful tool for court appointed receivers and a nightmare for those lucky Ponzi scheme victims who cashed out early or managed to independently recover some of their investment. The Wikipedia definition is quite vague […]
Adopting Your Girlfriend To Avoid Wrongful Death Claim? Epic Fail
by Brian Mahany Who says creativity and ingenuity are dead? Don’t tell John Goodman of Palm Beach, Florida. In what has to be one of the most bizarre and brazen attempts to avoid creditors, Goodman adopted his 42 year old girlfriend making her his daughter. Why? Ah, that’s the best part of the story. While […]
Fraudulent Conveyance Post – Homestead Exemptions Don’t Always Work
Why do so many fraudsters live in Florida? Some would say it is the climate but more probably, it’s Florida’s unlimited homestead exemption. Under Florida law, creditors cannot force the sale of one’s primary residence to satisfy claims and judgments. Many asset recovery lawyers and creditors believe that protection is absolute and simply give up. […]