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Fraudulent Conveyance
(redirected from Fraudulent transfer)

    Also found in: Legal, Wikipedia 0.03 sec.
Fraudulent Conveyance
The transfer of property to another party in order to defraud a creditor. For example, if a person owes the bank for a loan for $15,000, the person may give or sell $15,000 worth of property to a relative, often while still maintaining use of the property, in order to prevent the bank from being repaid. Legally, fraudulent conveyance requires the intention to defraud a creditor.
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In many cases, significant portions of the fraudulent transfers are never recovered, and businesses are on the hook with their bank.
Spam campaign targets payment transfer system by Network World Middle East
In one case, attackers launched a distributed denial of service (DDoS) attack against a bank's third-party transaction processor, which prevented the bank from recalling the fraudulent transfers before the stolen funds were withdrawn, the note stated.
FBI: Money mule scams top $100 million by Angela Moscaritolo / SC Magazine
Fraudulent transfers allow a similar avoidance of transfers on or within two years of the filing of the petition under federal law for longer under state fraudulent transfer laws) if either: 1) There was intent to hinder, delay or defraud creditors; or 2) The debtor received less than reasonably equivalent value and was insolvent.
Bankruptcy basics: U.S. bankruptcy court by Sebold, Maryellen K. / California CPA
 
 
 
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