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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.
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...
Oct 8, 2020 · See Janvey v. GMAG, L.L.C., 913 F.3d 452, 458 (5th Cir. 2019). Magness then filed petitions for panel rehearing and rehearing en banc, in which he argued that we should certify a question to the Supreme Court of Texas regarding the proper test for determining TUFTA good faith.
Jan 9, 2019 · 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: January 09, 2019. Before STEWART, Chief Judge, and DENNIS and WILLETT, Circuit Judges.
Sep 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).
Mar 8, 2022 · Case Summary. On 03/08/2022 Janvey filed a Finance - Security/Commodity/Exchange lawsuit against GMAG. This case was filed in U.S. Courts Of Appeals, U.S. Court Of Appeals, Fifth Circuit. The case status is Pending - Other Pending. Case Details Parties Documents Dockets.
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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.
