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The Receiver sought to recover estate assets from various parties including Gary Magness and some of his affiliates. The district court refused to consider a setoff that would have reduced the Receiver's judgment against Magness, concluding among other reasons that a setoff would be inequitable. We AFFIRM. FACTUAL AND PROCEDURAL BACKGROUND.
Jan 9, 2019 · The receiver sued Magness to recover funds under theories of (1) fraudulent transfer pursuant to the Texas Uniform Fraudulent Transfer Act ("TUFTA") and (2) unjust enrichment. The receiver obtained partial summary judgment as to funds in excess of Magness's original investment, and Magness returned this $8.5 million in fraudulent transfers to ...
Oct 8, 2020 · GMAG, L.L.C.; Magness Securities, L.L.C.; Gary D. Magness; Mango Five Family Incorporated, in its capacity as trustee for the Gary D. Magness Irrevocable Trust, Defendants—Appellees. No. 17-11526. Decided: October 08, 2020. Before Stewart, Dennis, and Willett, Circuit Judges.
GMAG, L.L.C.; Magness Securities, L.L.C.; Gary D. Magness; Mango Five Family Incorporated, in its Capacity as Trustee for the Gary D. Magness Irrevocable Trust, Defendants-Appellants. Nos. 21-10483, 21-10882. United States Court of Appeals, Fifth Circuit. September 7, 2022
In the wake of the scheme's collapse in 2009, receiver Ralph Janvey sued Gary Magness and three affiliates, large investors in (and victims of) the Stanford International Bank (SIB), to recover nearly $80 million in fraudulent transfers under the Texas Uniform Fraudulent Transfer Act (TUFTA).
Sep 12, 2022 · The U.S. Court of Appeals for the Fifth Circuit affirmed a district court's $125 million judgment against Colorado billionaire Gary Magness for his role in the Stanford International Bank's...
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Appellee Gary D. Magness and several entities through which Magness invested his funds (collectively, Magness) were among the investors deceived by the Bank. Magness was one of the largest investors, purchasing $79 million of the fraudulent certificates of deposit.
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