Split 9th Circuit Says Showing Of Intent Unnecessary For Ponzi Determination

( August 27, 2024, 2:13 PM EDT) -- SAN FRANCISCO — A split panel of judges in the Ninth Circuit U.S. Court of Appeals affirmed a California federal court’s designation of a defunct company as a Ponzi scheme in a dispute stemming from a fraudulent conveyance suit arising out of the company’s bankruptcy, with the majority holding that jurors need not find intent when determining that an organization is operating as a Ponzi scheme....