Tosti
Securities & Exchange Commission v. Tosti
Opinion
Lead Opinion
MEMORANDUM **
Elaine S. Tosti appeals the district court’s order denying her motion to confirm the validity of her purported lien on property owned by her son, Peter Sacker. We have jurisdiction pursuant to 28 U.S.C. § 1291 . We affirm in part, and reverse and remand in part.
Tosti first challenges the district court’s finding that the lien was a fraudulent transfer under § 3439.04(a) of the California Uniform Fraudulent Transfer Act (“CUFTA”). See Cal. Civ.Code § 3439.04(a) (West 1994) (A transfer is fraudulent if made with “actual intent” to defraud.). The district court did not clearly err in finding that Sacker made the transfer with actual fraudulent intent. See In re Acequia, Inc., 34 F.3d 800 , 805 (9th Cir.1994) (reviewing finding of actual fraudulent intent for clear error). The presence of the following five “badges of fraud,” one or more of which provides “evidence from which an inference of fraudulent intent may be drawn,” sufficiently supported the court’s finding: (1) transfer to an insider, (2) threat of suit, (3) retention of control over property, (4) concealment of the transfer, and (5) an absence of reasonably equivalent value received for the transfer. See…