Monday, January 24, 2005

Fallout from Ponzi Scheme Hits Family

An article in the Denver Business Journal (Jan. 21) discusses bankruptcy court proceedings against the relatives of Will Hoover, whose eponymous company was a ponzi scheme that resulted in investor losses of over $15 million.  Hoover was sentenced to a 100-year prison term, and the trustees in bankruptcy for the company have made the following claims against Hoover's family members to recover funds transferred to them by Hoover:

  • Katie Galpin, Hoover's sister living in Wimberley, Texas, received $224,622 from Hoover or his company within four years of the personal and business bankruptcy filings, of which $40,583 was made within one year of the filings.
  • Michael Hoover, Hoover's brother living in Charlotte, N.C., received $33,050 within four years of the filings and $10,050 within one year of the filings.
  • Kim Wyatt (formerly Kim Hoover), Hoover's daughter living in Orange, Calif., received $185,658 within four years of the filings and $119,215 within one year of them.
  • Mark Hoover, Hoover's son living in Laguna Hills, Calif., received $84,218 within four years of the filings and $22,679 within one year of them.

There is a separate lawsuit seeking repayment of $8,000 from the photographer who took the pictures at Kim Wyatt's wedding that were paid for by Hoover. (ph)

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