Ponzi Scheme Trustee vs Receiver difference?

[DCal430]

I was hoping someone could tell me the difference. I notice that some Ponzi schemes after shutting down have a trustee that manages them, while other have a receiver. What is the difference?

 

[DCal430]

Anyone know the difference?

 

[Jeeebus]

A trustee is generally appointed in bankruptcy cases. A receiver has similar powers and can be appointed in civil litigation cases upon motion and approval by a judge.

 

[DCal430]

Ok, thanks.

I have another Ponzi question. If you are a net winner and are now subject to a clawback lawsuit by a trustee or receiver, can you use the fact that you didn't know it was a scam, and that you honestly believed your earnings were legitimate as a defense?

 

[who?]

Ok, thanks.

I have another Ponzi question. If you are a net winner and are now subject to a clawback lawsuit by a trustee or receiver, can you use the fact that you didn't know it was a scam, and that you honestly believed your earnings were legitimate as a defense?

Apparently you can.http://www.law360.com/articles/536943/judge-paves-way-for-end-of-madoff-trustee-s-clawback-suits
Apparently many states will not refund the taxes you paid on the phony earnings from very far back.

 

[John Connor]

Am I the only one that thought this had something to do with football? LOL

 

[alkemyst]

Ok, thanks.

I have another Ponzi question. If you are a net winner and are now subject to a clawback lawsuit by a trustee or receiver, can you use the fact that you didn't know it was a scam, and that you honestly believed your earnings were legitimate as a defense?

It sounds like you know more than you are leading on too here.

*blink blink* defenses do work if that is what you are asking.

Most want to stick it to the wealthier person.