George Russell Curtis, Sr. Living Trust v. Perkins, No. 14-13423 (11th Cir. 2015)
Annotate this CaseGeorge Russell Curtis, Betty Curtis, and the George Russell Curtis, Sr., Living Trust, who are the defendants in this adversarial proceeding, appeal the bankruptcy court’s judgment, which allowed the bankruptcy trustee to avoid a $200,000 transfer from the debtor, International Management Associates (IMA), to the defendants. Kirk Wright ran IMA and its affiliates, which he claimed was a hedge fund but which looked like a Ponzi scheme. The defendants invested $500,000 with IMA from 2002 to 2006. Over that same period, they received $621,000 in disbursements from IMA. The last of those disbursements took place on January 10, 2006, when IMA transferred $200,000 to the defendants. On March 16, 2006, the bankruptcy trustee, whom a Georgia state court had appointed as IMA’s receiver,1 filed a voluntary petition to place IMA in bankruptcy. As part of that bankruptcy action, the trustee filed a series of adversary proceedings against IMA’s investors, including the defendants. In those proceedings, he sought to avoid transfers that IMA had made to those investors shortly before being placed in bankruptcy. Based on the evidence presented at that consolidated hearing, the bankruptcy court found that IMA was a Ponzi scheme. Finding no reversible error, the Eleventh Circuit affirmed.
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