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Cleaning Up in the Wake of a Ponzi Scheme: Insurance Coverage for Financial Crime Claims
When a tsunami’s waves recede, they leave behind the flotsam and jetsam that have been caught in their tumultuous path. So too with global financial crises. When the waters of the global financial tidal wave of 2008 receded, they revealed and left in their wake all manner of risky, ill-advised, and downright illegal financial schemes and scams. Among those most colorful and destructive are the Ponzi schemes, big and small, that were caught in the net of law enforcement officials, regulators, bankruptcy trustees, and plaintiffs’ counsel.
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