Skip to main content
Andrew Bryan Holmes

Andrew Holmes’s Answers

1 total

  • How long am I liable to "clawback" money I have received from a Ponzi scam

    ATM scam in place for 19 years I'm an investor most yrs for 1 or 2machines until recently

    Andrew’s Answer

    Based on the timing of this question, I assume you are an investor in the Nationwide Automated Systems case recently brought by the SEC. The receiver will do his/her best to find all of the assets he/she can in order to return investor funds to those who lost their investments -- and the "clawback" is a way of (essentially) equitably redistributing those funds.

    While there are many theories available for a receiver to use as a basis for a clawback, the two more common legal theories are found in the Bankruptcy Code (which has a 2 year SOL for fraudulent conveyances), and state law claims (which vary by state, but in California, the SOL is as long as six years under certain circumstances).

    You should consult with an SEC defense specialist to determine your exposure.

    See question