The U.S. Court of Appeals for the Eleventh Circuit ruled that a receiver appointed for a closely held corporation does not have standing to recover tort damages from third parties alleged to have aided and abetted a fraud tied to a Ponzi scheme.

The Court of Appeals this week ruled in favor of JPMorgan Chase Bank against Amir Isaiah, the court-appointed receiver for two entities whose principals allegedly engaged in a Ponzi scheme: Coravca Distributions and Timeline Trading, according to the opinion.