United States Seventh Circuit

The intervening third-party claimant is not a bona fide purchaser for value of defendant's property; when it exchanged its investment in her Ponzi scheme for a promissory note and mortgage on her home, she was insolvent, making the transaction a fraudulent conveyance. Thus, the property is subject to forfeiture.

Appellate Information

• Argued 02/27/2004
• Decided 03/25/2004
• Published 03/25/2004

Judges

• EASTERBROOK, Circuit Judge., Before EASTERBROOK, MANION, and EVANS, Circuit Judges.

Court

• United States Seventh Circuit

Counsel

• For Appellant:
  
• Robert P. Boyer, Jr. (argued), Asset Forfeiture & Money Laundering Sec., Washington, DC, for Plaintiff-Appellant.


• For Appellees:
  
• James P. Devine, Williams & McCarthy, Jason H. Rock, Barrick, Switzer, Long, Balsley & Van Evera, Rockford, IL, Steven L. Kessler (argued), New York, NY, Robert A. Chapman, Chicago, IL, for Claimant-Appellee.