NAFER's The Receiver, "Chasing After Fraudsters: The Role of State Fraudulent Transfer Laws"
July 11, 2023
It’s a time of turmoil. You have been appointed as receiver of a company that has been operating as a fraudulent enterprise. You have assembled your team, done your due diligence on the receivership entity and potential fraudsters, and efficiently taken control of the real property and offices now belonging to the receivership estate. You have met with employees and managers, some of whom are confused and nervous, and others who may have been “in on” the fraud. You have discovered where the fraudster banked, frozen the bank accounts and begun evaluating the electronic records of the company to trace where the money came from and where it went. You identify the potential asset seizures and recoveries for the benefit of the victims of the fraud and legitimate creditors. After further investigation, you determine that the fraudster has dissipated most of the funds and assets of the enterprise.