In re: TODD E. MACALUSO

CourtUnited States Bankruptcy Appellate Panel for the Ninth Circuit
DecidedNovember 9, 2021
DocketSC-19-1065-SFL
StatusUnpublished

This text of In re: TODD E. MACALUSO (In re: TODD E. MACALUSO) is published on Counsel Stack Legal Research, covering United States Bankruptcy Appellate Panel for the Ninth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In re: TODD E. MACALUSO, (bap9 2021).

Opinion

FILED NOV 9 2021 SUSAN M. SPRAUL, CLERK NOT FOR PUBLICATION U.S. BKCY. APP. PANEL OF THE NINTH CIRCUIT

UNITED STATES BANKRUPTCY APPELLATE PANEL OF THE NINTH CIRCUIT

In re: BAP No. SC-19-1065-SFL TODD E. MACALUSO, Debtor. Bk. No. 16-04214-LT7

TODD E. MACALUSO, Adv. No. 16-90157-LT Appellant, v. MEMORANDUM* RJC FUNDING, LLC, Appellee.

Appeal from the United States Bankruptcy Court for the Southern District of California Laura S. Taylor, Bankruptcy Judge, Presiding

Before: SPRAKER, FARIS, and LAFFERTY, Bankruptcy Judges.

INTRODUCTION

In a federal diversity action, creditor RJC Funding, LLC, obtained a

partial default judgment against debtor Todd E. Macaluso on several

causes of action, including its fraud claim. The district court awarded RJC

* This disposition is not appropriate for publication. Although it may be cited for whatever persuasive value it may have, see Fed. R. App. P. 32.1, it has no precedential value, see 9th Cir. BAP Rule 8024-1. damages of $2,385,000.70. Afterwards, Macaluso commenced his chapter 7 1

bankruptcy, and RJC initiated an adversary proceeding to except the

judgment debt from discharge. The bankruptcy court ultimately granted

RJC summary judgment on its claim under § 523(a)(2)(A) based on the

issue preclusive effect of the district court’s default judgment. The

bankruptcy court also granted summary judgment in a smaller amount

under § 523(a)(13) based on a judgment for criminal restitution resulting

from Macaluso’s guilty plea for wire fraud. RJC then dismissed its other

nondischargeability claims.

Because none of Macaluso’s arguments on appeal justify reversal, we

AFFIRM.

FACTS 2

RJC and its affiliates (collectively, “RJC”) provided litigation funding

to law firms and their litigation clients including Macaluso and his wholly-

owned law firm Macaluso & Associates, APC. For several years, the

litigation funding transactions between RJC and Macaluso were performed

in accordance with the parties’ agreements. Under the agreements,

Macaluso “sold” to RJC his interest in the anticipated proceeds from the

1 Unless specified otherwise, all chapter and section references are to the Bankruptcy Code, 11 U.S.C. §§ 101-1532, all “Rule” references are to the Federal Rules of Bankruptcy Procedure, and all “Civil Rule” references are to the Federal Rules of Civil Procedure. 2 We exercise our discretion to take judicial notice of documents electronically

filed in the underlying bankruptcy case and adversary proceeding. See Atwood v. Chase Manhattan Mortg. Co. (In re Atwood), 293 B.R. 227, 233 n.9 (9th Cir. BAP 2003). 2 underlying litigation, and he was required to pay specified amounts in

accordance with a payment schedule in the parties’ agreements, subject to a

condition precedent that the underlying litigation yielded the anticipated

proceeds.

For every agreement between RJC and Macaluso, there was a

companion agreement between RJC and Macaluso’s litigation client. Under

the companion agreement, the client would sell RJC a portion of the

anticipated proceeds from the underlying litigation and also would agree

to non-recourse “pay-off amounts” from the litigation proceeds in

accordance with a payment schedule included in the companion

agreement.

In 2012 and 2013, the parties entered into a series of litigation funding

transactions that later resulted in years of litigation (collectively, the

“Failed Transactions”). RJC claims that Macaluso defaulted on the Failed

Transactions. In contrast, Macaluso claims that the Failed Transactions did

not yield any litigation proceeds for RJC because his litigation clients did

not prevail. Under such circumstances, Macaluso contended that he was

not obliged to pay anything.

In August 2014, the parties entered into a Promissory Note

Settlement Agreement (“Settlement”). Though neither party admitted fault

or breach, Macaluso agreed to pay over time a fraction of what RJC claimed

it was owed, plus 15% interest. Macaluso also offered to assign additional

anticipated litigation proceeds from various litigation matters. There were

3 several different default provisions in the Settlement. Ultimately, however,

if Macaluso defaulted and failed to cure, the claimed “full purchase price”

of $1,906,762, plus 15% interest, would be due. Macaluso defaulted and

never paid the amount agreed to under the Settlement.

In April 2015, the United States filed a criminal information against

Macaluso for one count of wire fraud under 18 U.S.C. § 1343. In the

information, the United States alleged that Macaluso:

knowingly devised and intended to devise, with the intent to defraud, a material scheme and artifice to defraud and to obtain money and property by means of materially false and fraudulent pretenses, representations and promises, and by intentional concealment and omission of material facts.

The information further alleged that in furtherance of his fraud scheme,

Macaluso caused to be transmitted a “funding agreement” in interstate

commerce.

Macaluso pled guilty to the one count of wire fraud. At the

sentencing hearing, the U.S. attorney described the nature of the fraud. He

stated that RJC was the victim and that it “invested in Mr. Macaluso’s

ongoing cases with the belief that those funds would be used for litigation

expenses, which they were not.” As for the amount of money RJC lost, the

U.S. attorney stated that at least $150,000 of the amount that RJC funded

“had not been repaid.”

The U.S. attorney further explained that RJC was presented with the

companion agreements supposedly obtained by Macaluso from his

4 litigation clients acknowledging their desire to obtain litigation funding

and to use a portion of the anticipated litigation proceeds as a payment

source for the specified payoff amounts. According to the U.S. attorney, the

signatures of the litigation clients and the attendant notary stamps on the

companion agreements were forged. Macaluso conceded that the

signatures and the notary stamps on the subsidiary agreements were not

done properly. But Macaluso denied that any litigation funds were

misused.

In November 2015, the district court entered its criminal judgment,

sentenced Macaluso to five months imprisonment, and imposed a $100,000

fine. The court also ordered Macaluso to pay RJC $150,000 in restitution.

That same month, RJC sued Macaluso and others in federal court for

fraud, breach of contract, and other causes of action. RJC alleged that

Macaluso and his co-defendants engaged in an intentional scheme to

defraud RJC by entering into litigation funding transactions under false

pretenses. According to RJC, Macaluso requested litigation funding for two

cases, Marsch v. DLA Piper US, LLC and Giordano v. Amex Assurance Co. RJC

asserted that Macaluso led RJC to believe that the plaintiffs in each of these

cases desired to sell their anticipated litigation proceeds for litigation

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