Quote:
Originally Posted by yesright
I predict before this is all over virtually every named party (in this whole FTP saga) that were payed huge sums of money by FTP will pull the "I didn't know" card.
And that is where clawback will occur from civil suits such as Todd Terry. Clawbacks are now becoming a standard practice used by lawyers to recoup funds that investors and lenders have lost.
Urge everyone here to Google clawbacks ..read into Scott Rothsten scam. If it does come to clawbacks look for players who had money put into their account without their credit card or bank account charged be brought into civil suit to recoup funds
definition of clawback
"Clawback” is a nickname for several interrelated types of claims that can be asserted by a bankruptcy trustee to recover money paid out to investors in a Ponzi or any Corporate scheme before the scheme was revealed. Broadly speaking, the function of a clawback is to recover payments that were made out of the corrupt fund before the scheme was discovered and return those monies to the bankruptcy estate so that they can be distributed to creditors – i.e., the victims of the fraudulent scheme – in accordance with the priorities established by the Bankruptcy Code. Clawback claims come in two types: preferences actions and fraudulent conveyance actions.
Again please Google and research Clawback as I can see that Government and Civil suits will be heading in this direction.
NoahSD want to commend you on your work here. We all owe you big time! Would urge you to try and get several other 2+2 mods(I would recommend Vanessa Selbst to be involved she graduated from Yale University and is currently a student at Yale Law School) to somehow demand a meeting in one room with all parties involved being potential investors, DOJ lawyers(probably impossible)and FT Directors that are directly involved in the process. I am sure FT is reading here and it is in their benefit to at the very least have a meeting with 3-5 members of 2+2 to get everything out in the open instead of these moronic statements being released.
Failure for FT to not agree to this would be extremely damming and very telling on where this is all going