4th Circuit Upholds Receiver’s Distribution Plan For Ponzi Scheme Assets

(August 7, 2024, 3:17 PM EDT) -- RICHMOND, Va. — A panel of the Fourth Circuit U.S. Court of Appeals on Aug. 6 upheld a Maryland federal judge’s approval of a court-appointed receiver’s plan to distribute assets recovered from a Ponzi scheme that bilked investors out of more than $345 million, finding the judge committed no abuse of discretion in approving the plan, despite the objections from two groups of investors....