To the Extent That...

VC Law: Episode 44: Warehousing Investments with Daniel DeWolf of Mintz Levin

Host Gary J. Ross talks with Daniel DeWolf, Co-chair of the VC/EC practice at Mintz Levin and adjunct professor at NYU School of Law, about the practice of venture capital funds warehousing investments. Among the topics Gary and Daniel cover are the reasons fund managers warehouse investments; various structures used for warehousing; disclosure considerations; conflicts of interest; valuation issues; SEC guidance on warehousing and maintaining the venture capital fund adviser exemption for ERAs; and the impact of warehousing on eligibility for the qualified small business stock (QSBS) tax exemption.

From Boardroom to Courtroom: Episode 5: Never Enough: A Forensic Accountant Unwinds the Madoff Ponzi Scheme

In this latest episode of Boardroom to Courtroom, forensic accountants J.W. Verret and Chris Ekimoff unpack the story of Bernie Madoff's Ponzi scheme — and how forensic accountants unraveled the mystery behind one of history's most audacious financial frauds.

Bad Boys of Bankruptcy: S3E4: Don’t Cash That Until Friday: The Najeeb Khan Check-Kiting Scheme

In this episode, Judge Gunn is joined by attorneys Nick Miller and Mark Iammartino to discuss the unwinding of one of the largest check-kiting schemes in modern history. Najeeb Khan operated a successful payroll processing company in Indiana in the early 2000s. At some point around 2011, Khan began embezzling funds from his payroll processing company and using an elaborate check-kiting scheme to cover up the missing funds. Between 2011 and 2019, Khan embezzled an estimated $73 million from the scheme, which he used to purchase one of the largest classic car collections in the country (consisting of more than 250 cars including at least one that could also be used as a boat), several airplanes, and multiple luxury residences in Michigan, Florida, and Arizona. The scheme came crashing down in 2019, when Khan abruptly halted the musical chairs of worthless checks he was circulating, leaving Key Bank holding the bag for over $140 million in losses based on funds Khan had wired out of a Key Bank account based on provisional account credits issued against ultimately worthless checks. Mark Iammartino, the Chapter 7 trustee in one of the fifteen (15) bankruptcy cases that resulted from the scheme collapsing, discusses the venue fight that arose when the payroll processing company (and several related entities) filed bankruptcy in Michigan while Khan and a handful of affiliated management companies filed bankruptcy cases in Indiana shortly thereafter, the unusual steps taken to liquidation Khan’s massive classic car collection during the COVID-19 pandemic (which resulted in auction proceeds of over $40 million), and the other steps taken by the trustees and committees to marshal assets and attempt to compensate victims of Khan’s scheme. Khan later pled guilty to bank fraud and attempted tax evasion in a federal criminal case, and was sentenced to just over eight years in prison, and was ordered to pay $148 million in restitution and nearly $10 million in back taxes.

The Advocates Toolbox: Epsidoe 6: The Mediation Wishlist

The Advocates Toolbox: Effective Advocacy Strategies for a Successful Mediation, is co-hosted by Mia Levi, Vice President and Corporate Secretary, CPR Dispute Resolution Services LLC, and Rachel Gupta, Mediator and Arbitrator at JAMS. This podcast will cover the skills business lawyers need to be successful advocates in mediation. Episode 6: The Mediation Wishlist. In the final episode of this series, experienced mediation practitioners will provide their “wishlist" for mediation from two distinct viewpoints: the client and the mediator. What circumstances create the optimal dynamic for a mediation? The speakers will explore key takeaways for the who, what, and how to maximize the chances of reaching an agreement in mediation. Speakers: Cindy Randall, Deputy General Counsel and Head of Litigation at Microsoft and Jeff Kichaven, Principal at Jeff Kichaven, Commercial Mediation.

Bad Boys of Bankruptcy: S3E3: The Law Firm That Wasn’t: The Synergy Law Scheme

In this gripping episode of Bad Boys of Bankruptcy, Judge Elizabeth Gunn is joined by Mark Albert, longtime chapter 7 and subchapter V trustee, and Bill Steinwedell, Deputy Advocacy Director for Homeownership Preservation at Maryland Legal Aid. Together, they unravel the story of Synergy Law, a supposed national law firm that preyed on vulnerable homeowners by promising foreclosure relief and bankruptcy help, while delivering none of it. The discussion tracks how Synergy's “business model” lured clients through misleading marketing, skimmed thousands in automatic credit card payments, and left desperate individuals, like Bill’s client Mr. McCarty, facing foreclosure after multiple failed pro se bankruptcies. Bill and Mark explain how they each came to expose the fraud, Bill through aggressive legal aid advocacy, and Mark through his work as chapter 7 trustee after Synergy’s collapse. This episode dives into how Synergy operated across numerous states for years. It also sheds light on how the bankruptcy system, legal aid, and the U.S. Trustee Program ultimately worked together to shut it down. A cautionary tale for lawyers, trustees, and consumers alike, this episode reminds us why bankruptcy oversight matters, and what can happen when bad actors try to use the courts to fuel a fraud.