Corporate & Securities Law

A court-appointed receiver who has been charged with recovering funds for victims of the Ponzi scheme operated by Minnesota businessman Tom Petters recently sued JP Morgan Chase & Co. for more than $300 million.  The receiver has alleged that the bank knew or should have known that the money that it seized from Petters was a result of a fraud, and that the firm tried to recover its money before victims of the Ponzi scheme had a chance to recover their money. 

In 2009, Petters was convicted of operating a Ponzi scheme with over $3.7 billion in assets.  The receiver alleged that JP Morgan had ignored red flags and signs of trouble during the due diligence process. Specifically, the receiver has alleged that the firm should have been put on notice that the funds Petters used to acquire Polaroid were derived from a Ponzi scheme. 

Eccleston Law represents individual and institutional investors to recover their investment losses caused by securities and investment fraud. Our attorneys also help victims of Ponzi schemes pursue recovery by submitting claims with receiverships established by the SEC or by assisting victims with the filing of a Theft Loss Tax Deduction with the IRS.

If you have lost money investing in a Ponzi scheme and would like to discuss your recovery options, please contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000.