Neilson

The bankruptcy court granted summary judgment in favor of the Trustee of the bankruptcy estate of Reed E. Slat-kin, avoiding under 11 U.S.C. § 548 (a) and California Civil Code § 3439.04(a) certain transfers made by Slatkin during his operation of a Ponzi scheme. The district court affirmed the grant of summary judgment. We have jurisdiction over this appeal under 28 U.S.C. § 1291 , and we affirm.

FACTS AND PROCEDURAL HISTORY

In May 2001, Slatkin filed for Chapter 11 bankruptcy protection. Shortly thereafter, he was charged in a federal criminal case with mail fraud, wire fraud, money laundering, and conspiracy to obstruct justice in connection with his operation of a Ponzi scheme. He pled guilty to the criminal charges pursuant to a plea agreement and currently is serving a fourteen-year prison sentence. In his plea agreement, Slatkin admitted that from 1986 to May 2001, he operated a Ponzi scheme in which he paid investors purported profits primarily using funds raised from other investors. Slatkin’s Ponzi scheme involved over $593 million and approximately 800 investors, and resulted in losses exceeding $240 million.

In August 2002, the Trustee initiated the first of…