Not all securities frauds are Ponzi schemes, said the Fifth Circuit Court of Appeals. And it makes a difference. About $240,000 for the American Cancer Society in this case. Karen Cook was appointed as the receiver in a case brought by the Securities and Exchange Commission to recover assets in an extensive securities fraud case involving two individuals, Giant Operating, LLC, and several other corporate entities. As part of her effort, she sought to recover $240,000 the corporations had paid to the American Cancer Society to sponsor the Cattle Baron’s Ball over three years. She said the donations were fraudulent transfers under Texas state law. A trial court agreed, but the Court of...