January 8, 2009
Shaun Olmstead v. Federal Trade Commission
Case Number(s):
SC08-1009

Transcript:

Summary:

The Federal Trade Commission accused Mr. Olmstead of running an advance-fee credit-card scam. The federal trial court agreed that he engaged in unfair and deceptive trade practices. The court ordered him to surrender his membership interest in several single-member limited-liability companies to satisfy the $10 million award. Mr. Olmstead appealed, arguing that Florida law did not allow a judgment creditor, like the FTC in this case, to seize a debtor's interest in a single-member limited-liability company. The 11th U.S. Circuit Court of Appeals has asked this Court to interpret Florida law.