Oz has spoken! I mean the New York Court of Appeals. In a recent ruling involving Janet Schaberg and her former husband ,Steven Walsh(facing charges of defrauding investors of $550 million) the Court of Appeals hearing the matter upon request from the U.S. Court of Appeals(2nd Circuit in New York), held that illegally obtained monies received by an"innocent spouse " in a divorce agreement are final and cannot be confiscated!
Here's what happened. In 2007 Ms. Schaberg and Mr. Walsh divorced . Ms. Schaeberg received a large cash settlement in the divorce. In 2009 Mr. Walsh and his partner were arrested, accused of running a 13 year, $550 million " Ponzi scheme ".
Subsequently the Government froze Ms. Schaberg's assets and she appealed . On appeal, the Federal Appeals Court asked the New York Court of Appeals for guidance on this issue concerning "state divorce law". Lo and behold, the ruling.
The decision "hotly debated" will surely affect numerous divorces and two pending cases involving Madoff victims who paid divorce settlements and later "lost their shirts " in the Madoff tragedy.
Crazy stuff...Moral of the story:If you're married to a crook, get divorced quickly and get as much as you can! Just see no evil, hear no evil.....Well you know what I mean. Good luck.
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