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MATTER OF JOHNSON

Bankruptcy No. 74-316-A.

55 B.R. 800 (1985)

In the Matter of Robert D. JOHNSON, Bankrupt.

United States Bankruptcy Court, E.D. Virginia, Alexandria Division.

July 11, 1985.

Attorney(s) appearing for the Case

Elsie L. Munsell, U.S. Atty. for E.D. Va., Alexandria, Va., Robert L. Gordon, Tax Div. Dept. of Justice, Washington, D.C., for IRS.

Mark W. Foster, Stephen E. Leach, Zuckerman, Spaeder, Moore, Taylor & Kolker, Washington, D.C., Trustee.

MEMORANDUM OPINION

MARTIN V.B. BOSTETTER, Jr., Bankruptcy Judge.

Robert D. Johnson, the bankrupt, was engaged in a fraudulent pyramid or Ponzi scheme whereby he induced investors to provide funds for the purchase, import and resale of nonextant Portugese industrial wine. In fact, the bankrupt neither purchased nor sold industrial wine. Instead, Johnson used the invested funds to partially pay off previous investors, to cover personal expenses and to invest...

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