Stinson Clawback Target Can't Sue Over Ponzi Losses Yet

Law360, New York (February 8, 2013, 4:20 PM EST) -- A man targeted in a clawback suit by the receivership estate of Ponzi schemer Robert Stinson Jr. can’t pursue his $1 million counterclaims over his alleged losses in the scheme because an existing litigation stay bars the action, a Pennsylvania federal judge ruled Wednesday.

U.S. District Judge Berle M. Schiller said that Roger Paul, a Pennsylvania businessman who allegedly received a $130,000 business loan from Stinson and knowingly participated in the scheme, can't file a claim against the estate until the stay is lifted.

“The mere...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

SCHWARTZMAN v. ROGUE INTERNATIONAL TALENT GROUP, INC. et al


Case Number

2:12-cv-05255

Court

Pennsylvania Eastern

Nature of Suit

Other Statutes: Securities/Commodities

Judge

BERLE M. SCHILLER

Date Filed

September 12, 2012

Law Firms

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.