Golenbock Eiseman Assor Bell & Peskoe LLP Formalizes Long-Term Expertise by Naming New Complex Business Fraud Litigation Group

NEW YORK, NY (March 22, 2010) — Golenbock Eiseman Assor Bell & Peskoe LLP today announced the formalization of its Complex Business Fraud Litigation Group. This new organizational designation recognizes work in which the firm has been engaged for many years, across its individual Bankruptcy, Litigation, and Tax Groups.

Golenbock Eiseman Assor Bell & Peskoe LLP’s Complex Business Fraud Litigation Group takes an aggressive, prosecutorial approach to a broad range of business and professional misconduct matters, ranging from securities, banking, real estate, investment fraud, and Ponzi-type schemes.

The group’s work frequently involves groups of similarly situated defrauded investors, and is often undertaken on behalf of Trustees and receivers, including SEC Receivers.

Some recent examples of the Complex Business Fraud Litigation Group’s work include:

  • A pending litigation involving fraudulent conveyance of artworks, for a group of similarly situated investors.
  • Representation of a Chapter 11 Trustee to bring multiple suits against individuals, professional firms, insurance companies, and financial institutions, to date recovering in excess of $100 million for victims of a Ponzi scheme. The firm marshaled assets and obtained confirmation of a reorganization plan involving 1031 Tax Group, LLC, formerly owned by Edward Okun, a now convicted felon serving 100 years in federal prison.
  • Retention of the firm by the Trustee of the Liquidation Trust for LandAmerica 1031 Exchange Services Inc. (LES) under the reorganization plan for LES and LandAmerica Financial Group, and on whose behalf the firm is pursuing certain claims owned by LES.
  • Representation of SEC Receiver for Credit Bancorp Ltd. in suits against several banks and brokerage firms arising out of a restricted stock scheme, resulting in the recovery of more than $20 million for victims of the scheme.
  • Effecting a 100% recovery for creditors of a bankrupt, no-asset, auto dealership group through vigorous forensic review of bank records and examinations of former principals and other parties.

Almost all work undertaken by the group involves a strong investigative component. According to group co-head David J. Eiseman, “While the firm usually conducts the investigations itself, through the careful and strategic taking of discovery, we also work regularly with accounting firms and investigators. The three common denominators in every case, however, are our proactivity, creativity and tenacity.”

Added partner Michael S. Devorkin, “When approaching these matters, our philosophy is to leave no stone unturned or potential complicity unexplored. We have a proven knack for locating and then pursuing unique sources of recovery for victims – for example, against banks, insurance companies, or other professionals or third parties who may have in some way helped to facilitate or profited from the fraud.”

Members of the Complex Business Fraud Litigation Group include partners David Eiseman, Michael Devorkin, Jonathan L. Flaxer, Adam C. Silverstein, Jacqueline G. Veit and S. Preston Ricardo.

About Golenbock Eiseman Assor Bell & Peskoe LLP
Golenbock Eiseman Assor Bell & Peskoe LLP is a full-service Manhattan law firm of approximately 50 attorneys which has served its clients’ complex litigation and corporate needs for over 25 years.  The firm takes pride in its sophistication, experience and ability to take on major engagements for its domestic and international clients while also maintaining a hands-on, personalized approach to all matters.