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TRUSTS - Trust property - Tracing

Friday, April 07, 2017 @ 8:52 AM  

Appeal by the plaintiff investor from a decision respecting the distribution of funds to investors in a Ponzi scheme. The investors provided their investments to Base Finance on the understanding that Base Finance was the conduit through which the investments would flow through to the mortgagors. Base Finance did not obtain any mortgages using the investors’ money. In September 2015, the company’s bank account with about $1.085M on deposit was frozen and a receiver appointed over the assets of Base Finance. The chambers judge impressed the...