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The Critical Role of Financial Advisors in Unwinding Ponzi Schemes

Level: Advanced
Runtime: 71 minutes
Recorded Date: July 21, 2017
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11:00 am - 12:15 pm
  • Defining a Ponzi Scheme
  • The Ponzi Presumption
  • The Badges of Fraud
  • Identifying the Players
  • Identifying and Controlling Relevant Documents
  • Getting Control of the Assets before they "Disappear"
  • Distribution of Recovered Assets
  • Preferred District for Filing?
  • Q & A
Runtime: 1 hour and 11 minutes
Recorded: July 21, 2017


How do you come to understand a business whose very survival was dependent on ensuring that nobody could understand the business? When administering Ponzi-related bankruptcies, actions taken at the outset are often determinative of the results, but what do you do when the books and records are fiction? This panel focuses on the role of financial professionals in Ponzi scheme bankruptcies, including the initial investigation, establishing the existence of a Ponzi scheme, determining who the “winners” and “losers” are, seeking additional recoveries (including chapter 5 actions and other litigation), making distributions and negotiating settlements.

This program was recorded on July 21st, 2017.

Provided By

American Bankruptcy Institute
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Timothy J. Martin

Managing Director
Huron Consulting Group, Inc.

Timothy has more than 17 years of experience providing forensic, investigative and financial advisory consulting services, including leading engagements involving misappropriation of funds, Ponzi and pyramid schemes, fraudulent transfers, securities fraud and professional malpractice. Timothy has significant experience assisting clients throughout the investigation and litigation cycle, including conducting financial and forensic analyses, interviewing employees, C-level executives and board members, reconstructing events, tracing assets, assisting in the preparation of complaints and other filings, and managing the discovery process.

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Richard J. Davis

Richard J. Davis Attorney at Law

Richard J. Davis is a sole practitioner in New York and has been involved in difficult complex situations. He was a partner at Weil Gotshal and Manges LLP from April 1, 1981, to December 31, 2011, where among other things he represented the government of Argentina during the 1980s in connection with its debt restructurings. Since forming his own firm, he has served as a mediator and arbitrator, counsel to various boards of directors, a trustee in the bankruptcy of a small hedge fund, Fletcher International Ltd., an examiner in the Caesars Entertainment Operating Co. bankruptcy case and special counsel in a variety of circumstances. Mr. Davis served as an Assistant Secretary of the Treasury, Enforcement and Operations (1977-81), during which time he was responsible for overseeing sanctions in connection with the Iranian Hostage crisis and was involved in the development of the agreements resolving that crisis.

Prior to that, he served as an Assistant Watergate Special Prosecutor and an Assistant U.S. Attorney in the Southern District of New York. Among other activities while in private practice, he has served as chair of the Board of Citizens Union (2004-08), chair and chair emeritus of the board of the Randall’s Island Park Alliance (1995-present), chair of the Mayor’s Commission to Combat Police Corruption (1996-02), a member of the Task Force on Police-Community Relations (1997-98), a member of the board of trustees of Goucher College (2015-present), and an advisor to the Departments of Justice and Treasury on dealing with barricade/hostage and similar situations. He also has served on the board of the New York City Legal Aid Society since 2000, for which he is currently chair. He has been a member of the New York City Campaign Finance Board since 2009 and testified on behalf of President Clinton in the House impeachment proceedings as an expert on prosecution.

Mr. Davis received his B.A. with high honors in history in 1966 from the University of Rochester, and his J.D. magna cum laude from Columbia University School of Law in 1969, where he was a notes and comments editor of its law review.

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Angela M. Allen

Jenner & Block LLP

Angela M. Allen is a partner in Jenner & Block’s Restructuring Group in Chicago, where she represents clients in complex bankruptcy and corporate restructuring matters, both in and out of court. She has extensive experience representing debtors, trustees and creditors in bankruptcy litigation matters, including fraudulent transfer claims, avoidance actions and equitable subordination claims. She also regularly counsels corporate clients in financially distressed situations and insolvency planning matters, and assists clients in protecting their rights throughout the bankruptcy process.

Ms. Allen has specialized experience addressing restructuring and liquidation issues arising in financial services sector insolvency proceedings. In addition to her bankruptcy and restructuring practice, she dedicates substantial pro bono time and energy to legal issues involving the military; she serves as director of the Illinois chapter of the Military Spouse JD Network, and successfully advocated for licensing accommodations in both Illinois and Michigan to allow out-of-state attorneys whose spouses are serving in the military to receive temporary law licenses. Ms. Allen is active in the Chicago chapter of the Turnaround Management Association and currently serves on its board of directors.

She received her undergraduate degree with distinction from the University of Michigan and her J.D. from the University of Michigan Law School, where she served as a research assistant to Prof. James J. White.

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Hon. Bruce A. Harwood

Chief Judge
U.S. Bankruptcy Court, District of New Hampshire

Hon. Bruce A. Harwood is Chief U.S. Bankruptcy Judge for the District of New Hampshire in Manchester, first appointed in March 2013. He also serves on the First Circuit’s Bankruptcy Appellate Panel.

Prior to his appointment, Judge Harwood chaired the Bankruptcy, Insolvency and Creditors’ Rights Group at Sheehan Phinney Bass Green in Manchester, N.H., representing business debtors, asset-purchasers, secured and unsecured creditors, creditors’ committees, trustees in bankruptcy, and insurance and banking regulators in connection with the rehabilitation and liquidation of insolvent insurers and trust companies. He was also a chapter 7 panel trustee in the District of New Hampshire and mediated disputes arising in debtor/creditor relations. Judge Harwood was program co-chair of ABI’s Northeast Bankruptcy Conference for four years, served on ABI’s Board of Directors (Communication, Information and Technology Committee) and was Northeast Regional Chair of the ABI Endowment Fund’s Development Committee. He is a Fellow in the American College of Bankruptcy and was consistently recognized in the bankruptcy law section of The Best Lawyers in America and in New England Super Lawyers, as well as in Chambers USA with a “Band 1” ranking in the field of corporate/commercial bankruptcy.

Judge Harwood received his B.A. from Northwestern University and his J.D. from Washington University School of Law.

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