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IN RE CITX CORP., INC.

No. 05-2760.

448 F.3d 672 (2006)

In re: CITX CORPORATION, INC., Debtor. Gary Seitz, Chapter 7 Trustee for CitX Corporation, Inc., Appellant v. Detweiler, Hershey and Associates, P.C.; Robert Schoen, C.P.A.

United States Court of Appeals, Third Circuit.

Filed May 26, 2006.

As Amended June 6, 2006.

Attorney(s) appearing for the Case

Neal A. Jacobs, Joshua A. Gelman, Matthew I. Cohen, (Argued), Jacobs Law Group, Philadelphia, PA, for Appellant.

Jonathan K. Hollin, (Argued), Powell, Trachtman, Logan, Carrle & Lombardo, King of Prussia, PA, for Appellee.

Before AMBRO and FUENTES, Circuit Judges, and IRENAS, District Judge.

AMBRO, Circuit Judge.

An insolvent internet company involved in an illegal Ponzi scheme used its financial statements, compiled by its accounting firm, to attract investors. After the company spent the investors' money and incurred millions more in debt, it filed for bankruptcy. A bankruptcy trustee was appointed, and he sued the accounting firm, along with the partner responsible for compiling the financial statements, for, among other things, malpractice and "deepening...

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