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In re Venture Mortgage Fund, L.P.

282 F.3d 185 (2002)

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In re Venture Mortgage Fund, L.P.

United States Court of Appeals for the Second Circuit
282 F.3d 185 (2002)

AR

Facts

Schick, who operated Venture Mortgage Fund, L.P. (defendant), borrowed money from Brodie (plaintiff) at a 27 percent interest rate as part of Schick’s Ponzi scheme. Schick eventually pleaded guilty to criminal charges, and Venture went into bankruptcy. As part of the bankruptcy proceeding, the loans Brodie gave to Schick were expunged because they violated New York’s usury laws. Brodie appealed, arguing that usury statutes were meant to protect the poor, not Ponzi schemers; that he did not intend to violate usury laws; and that Schick drafted the loan documents himself.

Rule of Law

Issue

Holding and Reasoning (Jacobs, J.)

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