From May 13, 2011 through May 15, 2011, David P. Leibowitz, Chapter 7 Trustee in the Kevin G. Carney Bankruptcy, commenced Chapter 5 fraudulent transfer recovery litigation with the filing of 56 complaints in the Northern District Of Illinois (Eastern).
Another Investment Ponzi Scheme: The Debtor is an Illinois resident who engaged in the operation of Ponzi scheme involving over 600 individual investors totaling approximately $20.5 million of principal investment and approximately $5 million in net investor losses. The Debtor is currently serving an eight year sentence, based on a plea of guilty in Cook County to theft, securities fraud, and financial exploitation of an elderly person.
Adversary Proceedings Overview
Lead Bankruptcy Case Name (Case Number): Kevin G. Carney (09-18053)
Bankruptcy Court District (Division): Northern District Of Illinois (Eastern)
Petition Date: May 19, 2009 (Chapter 7 involuntary)
Associated Cases: None
Plaintiff: David P. Leibowitz, Chapter 7 Trustee
Number of Proceedings: 95 through May 23, 2011
When Filed: May 13, 2011
Adversary Proceeding Judge: U.S. Bankruptcy Judge Pamela S. Hollis
Plaintiff's Counsel: Jenner & Block LLP (Chicago, Illinois) through its attorneys Ronald R. Peterson, Landon S. Raiford and Lauren Sylvester Berheide
Avoidance Period: The avoidance period is "two years prior to the Petition Date", with respect to recovery of actual fraudulent transfers Pursuant to §§ 548(a)(1)(A) and 550 of the Bankruptcy Code (Count I) and the same period for recovery of actual fraudulent transfers pursuant to the Illinois Uniform Fraudulent Transfer Act, 740 ILCS 160/5(a)(1) and 160/8(a), and §§ 544(b)(1) and 550(a) of the Bankruptcy Code (Count II)
- CADDJ APScans Report of Complaints, Answers, Dismissals, Defaults and Judgments in the Kevin G. Carney Bankruptcy Preferential Transfer Recovery Adversary Proceedings
- To see a current APScans report of substantive filings made in the last 7 days, click this link.
- Sample Complaint in the Kevin G. Carney Bankruptcy Adversary Proceedings