Monday, January 24, 2005
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)