8 votes

just got a judgment

I would like some advice if anyone thinks they can be helpful.

I just received a judgment from a lawsuit stemming from an investment that turned into a Ponzi scheme and i'm not sure what to do.

Just before the real estate bubble burst, I was able to buy and sell a few houses in san diego county. I was accumulating a fair amount of cash doing this. I had a feeling, based on interest rates inching up and the fact that people were having a hard time refinancing, that I didn't want to keep putting my cash into more real estate because I didn't think there was much more upside in the market at the time.

I decided to make a short term loan to a local fund that was supposed to be backed by some assets that had low loan to value ratios. As the market started to sour, the fund manager began paying dividends and other payments using money from the fund. Eventually, the whole thing turned into a Ponzi scheme and by the time that a bunch of other investors forced the fund into bankruptcy court, most of the money had vanished.

I sued separately and got a judgment against the fund which was an LLC. the bankruptcy took several years, and there were few assets left and my part of the bankruptcy settlement was about 1% of what I was owed. The bankruptcy court ruled that the manager defrauded the investors and that the debts were not dischargeable. That left the door for me to go after the manager personally, which I did.

It's been about 6 years since the whole thing started, and I finally won a judgment against the manager for just under a half a million dollars. As many of you may know, winning a judgment is a lot different than being able to collect on it.

The individual that owes me the money claims to not have any money or assets and is "barely making a living" as a real estate agent. I was wondering if any of you have any good advice on how to go about collecting at least some of what is owed me without having to put out a bunch of money for more lawyers and such?

Thanks for taking the time to read about my personal little conundrum.



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This is one of those situations that requires a really good...

lawyer. I went to JustAnswers.com twice for expert service and was very surprised at the low cost and satisfactory results. I paid $39 for legal advice and I would have paid nothing if I were not satisfied with the answer.

You could also use the judgement against the manager as evidence to have him indicted for fraud. Most people will miraculously come up with money to avoid prison. Another option is to report the judgment to the appropriate government agency (probably the SEC). If a government investigator determines there is enough merit, he can suspend or permanently revoke the license of the manager, providing yet another excellent incentive for him to come up with the money.

If all else fails, and financial chaos ensues after government benefit reductions and private insurance cancellations lead to riots, you can always lead the lynch mob to his front door.

u will not a get a dime

u will not a get a dime really. but good luck.

Ron Paul 2016

If he`s hidden all his assets you may have to wait him out.

Other wise you are SOL ( a nautical term meaning ("stuck on land").

It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people that pay no price for being wrong.
Thomas Sowell

Sailors also often state SOB ( squid on board ).

All USN vessels have a sign on the stern ( backside ) of the ship warning SOB.

I don't know.

In retrospect would gold or silver have been a better way to preserve wealth?

However, there is no potential for a return on investment.

Free includes debt-free!

judgmentbuy.com

I'm dealing with them myself on a judgement I was awarded. They've found me what they call a "judgement enforcer."

___________________________________________________________________________
"Bipartisan: both parties acting in concert to put both of their hands in your pocket."-Rothbard

I Can Help

To satisfy a judgement all states have an inquiry or a writ (the title escapes me right now) wherein a defendant must list all of his assets. I have served a few of those but it was 30 years ago. Very often they are hidden (assets) but ultimately discoverable.

The quickest, cheapest way to get on the right path is to call the Sheriff's Office in the county where you obtained judgement- talk to the civil division- and find out how the asset discovery process begins. You can also ask them relevant questions. They are a wealth of information and in your case- I would suggest going in person.

Best of luck

In some states

they call it a "Proceedings Supplemental", if that helps

I AM is all that is. Everything else is malleable.

thanks

i'll give it a try

Sell the note at the Fed

Sell the note at the Fed Discount Window at 100 cents on the dollar.

the advice you don't want to hear

Your best bet is to hire a lawyer who specializes in collection and who has some bankruptcy knowledge.

Otherwise, you'll be lucky to see a cent. Most such lawyers work on a contingency.

An added advantage of this is the lawyers you consult with will likely give you a preview of your odds of success.

"Two things are infinite: the universe and human stupidity; and I'm not sure about the the universe."-- Albert Einstein

conveyance fraud

Also keep in mind, that if he made himself insolvent by transferring assets over to a relative, that would be a criminal offence. Some people do this when they realize that there is litigation against them and somebody is going to be able to collect on a debt. So you might want to somehow subpoena his bank records to see if he gave any money to family members.
Good luck, and I hope you post your results if you have any success.

From our own experince.

We were cleaned out by our long fingered lawyer, a trusted family friend.
We went through every legal channel to retrieve our money, got judgement, and 15 years on have not seen a cent.
Pursuing this debt left a trail of destruction in it's wake, anger and bitterness on our part that he could do this to us, the public shame and embarrassment that was foisted onto his wife and daughters when he was Stuck Off, their broken marriage and ruined family relationships. It was years of hell for everyone concerned.
Never again would I put myself or any body else through that nightmare just for money. Pursuing money that can't be, or wont be payed back is soul destroying, futile and counter productive.
$170.000 in legal fees was money for no return and could have been put to much better use.We cut our losses (easier said than done) and got on with our lives. You may have to do the same.

I have to agree with Jill..

this is most likely a zero-sum game at best. If you get a garnishment on their wages they will move and you will have to pay more to track them down each time than you get for 1 cut from their paycheck. If they have no assets, you get no assets :(

If you move forward, please be careful. If he is a good con artist that knows how to game the system, a statement like "if nothing else, I would like to ... " on a public forum could get your butt in trouble if it can be traced to you.

I'm not sure if anyone is buying, but selling the debt to a collector would ensure you get at least some of your money so it is worth a shot.

I AM is all that is. Everything else is malleable.

hiring a biker gang might be a great idea...

...they will rough this guy up and confiscate whatever valuables he may have. Then it will turn out most of those bikers were cops and they will get off scott free.End of story.

I'd rather have a bottle in front o' me than a frontal lobotomy
www.tattoosbypaul.com
www.bijoustudio-atx.com

hire bikers or martial artists to follow embarass and disrupt

him. He will find a way to please you if he can no longer take in others to scam due to his embarassing new tail. I am not advocating violence or breaking the law. I know that this works. My father and another man were once employed to follow an L.A. playboy who wouldn't pay for a boat he ordered. They never said a word to their target. They showed up everywhere their target did until he approached them and they asked if he owed any debts.He paid Tom Bender of Bender shipyard , Mobile Alabama with a quickness. I believe it was his realization that someone cared, DEEPLY.

Aaron Russo, Nikola Tesla, Ron Paul, I'm jus' sayin'

wow

I wasn't expecting so much good advice so quickly. I appreciate all the people trying to help. thanks again!

Hammer

I would say a hammer. A hammer fixes everything. You'll find you'll have his complete attention on the matter.

I'm kidding by the way.

meekandmild's picture

Have the court issue a Sheriff's order to collect

You will be responsible to find out what assets the defendant has. you can seize assets including money in accounts.
see:
http://www.miwb.uscourts.gov/cms/assets/Rules-and-Forms/Rule...
This is a bankruptcy filing but a civil forfeiture will be similar

I'd look into getting a lien

I'd look into getting a lien on their property and/or paycheck garnishments. Most likely it will still cost you some attorney fees in the process. Good luck.

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul

i will

definitely be trying to attach any escrows he enters in any real estate deals and garnish any commissions he earns0.

Do some research on your own.

Make a trip to the Courthouse where he lives. Go to Probate. Get whatever information you can find on him, his wife, his former company, his present employer. Proceed to the county tax records. You might be shocked what you find. Most of the people who pull these scams think people are too dumb and even less motivated to spend the time checking records.

If you find anything, proceed to filing a lien against any property that's registered in his name. I can almost guarantee you he's lying about his assets, and if he's lying to you, he's lying to the court.

the trustee

in the bankruptcy proceedings found all the assets he could, liquidated them, and distributed to the investors...it wasn't very much.

I think any property he has left is either in trusts or somehow otherwise protected.

my lawyer did a lexus nexus search and didn't really find anything else.

For what it's worth.....

IMO....LexisNexis does not database all the info that should be researched.

And, if this person is a grantor, grantee, co-grantor, co-grantee, trustee, co-trustee, successor trustee, or beneficiary of the trust, the trust protection may be able to be pierced. I wouldn't assume it's protected. Especially for the amount of money involved.

But, that's just me.

The names of the trusts may give you a quick hint.

(But, I wouldn't stop there.)

thanks

again.

You're Welcome!

:)

Good Luck!

I.R.S

You can attach a claim to the IRS against them, you can also do it with county taxes, such as their house, car, and so on. It doesnt matter if hes not got his name on the house..does his wife/partner? If so, there are was to attach to it..and if they sill refuse to pay you, you own the house, car, etc...
You should also, when you renew your claim, get the court to make him show you every one of his bank account, which you can attach also.
I had a friend yeas ago that went through hell, and she was ony due 7,500.00. She went after the people on her own. Took her 2 years, but she got it, plus interest, plus somehing extra for their bs. When she was done, she colleted, between money and property, over 42,500.00...She got trebble damages and the extra for what they did to he credit.

I believe in Hope & Change..I Hope the government will Change
Spindale-Rutherford County-North Carolina

i will

be calling him in for periodic "debtors exams". My lawyer told me I can even have them check his pockets at those proceedings.

Yep! That's correct!

And not just his pockets. And not just his.

I have the same problem with an entity

that has been borrowing money in my name for years.

They are off flying in private jets, multi-million dollar vacations etc. while me and my children are left to pay the bills.

If I stop paying them they threaten to throw me in jail.

What do I do??