Dealers or market makers , by contrast, typically act as principals in the transaction versus the retail customer, and quote a price they are willing to deal at. Information contained in this web-site is intended for your personal, non-commercial use. Could you make a list of all of all your public pages like your Facebook page, twitter feed, or linkedin profile?
Specifically, if the amount that you recover places you at a greater percentage of recovery than the percentage of recovery that the other victims have achieved through the Receivership distributions, then you will not receive any further distributions from the Receivership until the other victims have reached the same percentage of recovery as you.
Ultimately the Court will determine the timing and amount of any additional distributions. If you have already submitted a claim, you do not need to submit any additional information to the Receiver regarding your losses in this Ponzi scheme. Please note, the deadline for submitting a claim to the Receiver for civil restitution has passed. Any claims for civil restitution that were not postmarked or received by January 14, , are barred.
Earlier this week, the U. Probation Office mailed a letter, along with various forms, to all known victims or possible victims of these defendants related to this Ponzi scheme. If you have already submitted your financial loss information i.
Any additional information you provide will be available to Chief Judge Michael J. Davis for consideration during sentencing. As the letter from the Probation Office explains, if you are awarded restitution by the Court, you may request that the Clerk of the Court issue an Abstract of Judgment to you, certifying that a judgment has been entered in your favor in the amount specified by the Court.
Thus, you may not file or record any Abstract of Judgment until further notice from the Receiver or the Court. If you have concerns about this form, please contact Leah Heino with the U.
The facts and legal situation involving PFG continue to evolve. The Receiver is assessing the situation and will proceed with his claims either in the bankruptcy case or in federal district court. A summary of this Order can be found here. Courthouse, North Robert Street, St.
Paul, MN, beginning on Monday, January 14, , at 9: More information on this case can be found here. Chris Pettengill also is awaiting sentencing. Chief Judge Michael J. Davis has scheduled sentencing hearings to take place on January 3, , at 1: For more information about the criminal action, please visit the U. The parties have filed motions for summary judgment in the case and a hearing before Judge Schiltz is scheduled to take place on November 14, at 2: He stands convicted by a jury for his role in stealing millions from investors, by using lies, false promises, and misrepresentations to pry hard-earned money from innocent victims who trusted him.
To date, however, Mr. Beckman has failed to return any money whatsoever. The Court directed the Receiver to loan Mr. Beckman to promptly repay the loan. Beckman has not only failed to repay that loan, but he has repeatedly asked the Court to give him more money. The Receiver has uncovered no evidence to suggest that Mr. In the highly unlikely event that he is in such control, Mr. Beckman is under Court Order to immediately turn the money over to the Receiver.
The Receiver will post more information about the status of his claims when it becomes available. More information about the complaint the Receiver brought against PFG prior to its bankruptcy can be found here. Information concerning financial losses suffered by losing investors has been independently researched and confirmed by the Receiver and the Court as part of the claim recognition process. Additional data about the investor pool, such as age, net worth, etc.
The Receiver engaged a team of interns who volunteered their time to compile and summarize this information. The investor demographic data summarized below is based on information that investors provided on their applications to the currency program; this information has not been independently verified by the Receiver.
The summary below is intended to give an overview of the investors in this fraud based on the information that the Receiver has uncovered to-date. This fraud spanned the globe.
Investors were located throughout forty-six 46 states and several foreign countries. Click here to view graphic representations of the geographic distribution of the victims of this scheme. The average age of victims of this fraud is sixty-six There are only twelve 12 victims under the age of forty Click here to view graphic representations of the ages of the victims of this scheme. Less than a quarter At least victims who lost at least half of their net worth were age fifty-five 55 and older.
Sixty-eight 68 victims who lost half of their net worth were age sixty-five 65 and older. Click here to view graphic representations of the self-reported net worth of investors in the scheme.
Click here to view graphic representations of the self-reported annual income of investors in the scheme. As we mentioned in our previous answers see, among others, FAQs 38, 39, 42 , we do not have jurisdiction outside the United States. Additional information on the Crown Forex liquidation can be found at http: See Questions 21 , , and The Fifth Interim Distribution will be 1.
On January 29, , the Receiver filed a lawsuit against Associated Bank in the United States District Court for the District of Minnesota cv , alleging claims for aiding and abetting fraud, breach of fiduciary duty, conversion, and false representations and omissions. The Receiver is represented by contingency fee counsel in this matter. A ruling on the motions is expected later this year.
More information about the Associated Bank case can be found here. See also pages of the Fifteenth Status Report here. Philippe von Bredow and Laurent Winkelmann were appointed as the liquidators. The liquidators have now issued their decisions on claims that were filed in that Swiss proceeding. If you have recently received correspondence from Mr. Winkelmann, it likely relates to a claim filed on your behalf in the Swiss bankruptcy proceedings.
According to correspondence received from the liquidators, total claims filed in the Crown Forex S. The Receiver has consulted with Swiss counsel about the process, cost and likelihood we would succeed in appealing the liquidators' rejection of Receiver's claim in Switzerland. In short, the cost would be high and there would be little upside to any course the Receiver could pursue in Switzerland at this point.
The Receivership would, as an initial matter, have to pay Swiss counsel to pursue the action. If we lost, and the court in Switzerland affirmed the rejection of the Receiver's claim, the Receiver would then have to pay the liquidators' costs, as well as court fees, for the appeal.
If we won, and the court in Switzerland overturned the liquidators' decision and granted any part of the Receiver's claim, the liquidators have advised that they will simply deduct any recognized claim amount from their damages claim against UBS Diversified FX Growth, LP and Trevor Cook.
The Receiver also notes that the communication from Crown Forex SA liquidator offers to transfer a civil claim that the liquidator claims to have against Cook or UBS Diversified among others for a fee. The Receivership Orders prohibit precisely such a suit as to Cook and any Receivership entity. The Receiver takes no position on the viability of civil claims in Switzerland or elsewhere against any of the other individuals or non-receivership entities that the liquidator believes he has civil claims against.
Claims filed in the Swiss bankruptcy of Crown Forex S. A rejection of your claim in the Swiss proceedings has no bearing on your claim with the Receiver. However, if your claim in the Swiss proceedings was granted, the amount you receive from the Swiss liquidator will be deducted from your claim with the Receiver as this amount is no longer a loss to you.
The Receiver cannot provide legal advice regarding claims that any investor may have. We suggest contacting a lawyer to analyze your specific situation. See also FAQ and Please be advised that you do not need to pay a fee to maintain your Recognized Claim with the Receiver. If you made a claim in the Swiss liquidation proceedings of Crown Forex S.
See FAQ , and However, please note that no adjustments to your claim with the Receiver will be made until and unless your claim is actually paid by the Swiss liquidators. If your claim in the Crown Forex S. Any information you wish to send to the Receiver can be sent to:.
The Receiver has investigated his options, consulted with his Swiss counsel, and determined that it is no longer cost-effective for him to pursue his claims in the CFSA liquidation proceedings in Switzerland. Those are the documents that are in French and that some of the victims have received from the Receiver.
The Receiver cannot provide any legal advice concerning what, if anything, should be done in connection with those documents or the CFSA liquidation. The Receiver is currently evaluating the next steps in this action. The Order, as well as other filings and information about the case, is available here.
Based on information investors have communicated to the Receiver, it appears that Mr. Grill has attempted to convert all accounts previously held at Entrust Midwest to his new company. The Receiver cannot offer you any tax or legal advice. The value of any investment you made with a Receivership Entity is zero, regardless of where your Receivership account was held. However, please note that you do not need to maintain an account at Entrust, Nexus, or any other financial institution that may have been associated with your investment to receive future distributions from the Receiver.
Whatever you may choose to do with your Entrust account will have no impact on your Recognized Claim Amount with the Receiver. As with the first five interim distributions, checks for pro rata shares of any future distribution will be sent directly to the victims.
However, the Receiver will not seek to stay any action that victims may choose to pursue against Nexus Direct or Todd Grill.
Additionally, should you succeed in your efforts, the Receiver will not assert a claim over the money you recover. However, you will not receive any future distributions from the Receiver until the percentage recovery for all investors surpasses your recovery percentage.
Ultimately the timing and amount of any distribution is determined by the Court. A party cannot recover money on a litigation claim until there is a judgment on the merits.
At the time PFG went into bankruptcy, the Receiver had asserted litigation claims against PFG, but the case had not moved beyond the preliminary stages. The Receiver felt he had a strong case against PFG, but there are no guarantees in litigation, especially when litigation involves a bankruptcy debtor. And even if he had litigated the claim and won a money judgment, in the end, that money judgment would not have been paid to the Receiver right away.
Instead, the Receiver would have obtained a general unsecured claim in the PFG bankruptcy for the amount of the judgment. To achieve this end, the Receiver engaged in negotiations with the PFG bankruptcy trustee that spanned over the course of nearly a year. The settlement was then approved by the bankruptcy court overseeing the PFG bankruptcy proceedings. With this settlement, the Receiver replaced the uncertainty and time associated with litigation with an allowed claim now, in an established amount.
This was the first step in being able to collect any funds from the PFG matter that can, in turn, be distributed to the victims of the Cook Ponzi scheme. However, because PFG is in bankruptcy, that settlement is not automatically collectable. Given this situation, the Receiver has two choices with the PFG bankruptcy claim: In determining the best course of action, the Receiver considered numerous factors about the PFG bankruptcy, such as:.
Having decided to sell the PFG bankruptcy claim, the next question was how best to accomplish that result. Bankruptcy claims are assets that can be sold.
One way to obtain the best price for a bankruptcy claim is by holding a public auction sale. That auction sale will be held on September 16, That is not necessarily the final price that will be paid for the claim. All qualified bidders will be allowed to participate in the auction sale.
Further information about the claim or the auction can be obtained by contacting Angela Somers at asomers rctlegal.
The auction sale will be held on September 16, , at 1: Bidders can participate either in person or by phone. All bidders must execute terms of sale and be pre-qualified prior to the auction. Payment in full is due to the Receiver at closing which must occur within 40 days of the Court's approval of the sale. The sale proceeds must then be held in escrow for a period of time while the claim is recorded in the PFG bankruptcy has having been transferred from the Receiver to the winning bidder.
The Court is scheduled to hear the Receiver's motion to approve the sale on October 15, As soon as the sale is approved and closed and the escrow period has expired, the Receiver will promptly move to distribute the proceeds. The Receiver intends to file a motion seeking approval to distribute the proceeds from the PFG sale as soon as the funds are available.
The Court, along with the Terms and Conditions of Sale available here , govern that anticipated distribution. Below is a summary of the steps that must occur, and the time periods associated with each, before the anticipated distribution of the PFG claim proceeds can be made:.
In sum, because some of the events that must take place are variable, the Receiver cannot project exactly when an interim distribution of the PFG proceeds will occur. If all goes as planned, we are hopeful to be able to mail checks to investors by the end of this year. When the case was originally filed, Associated Bank moved to dismiss the case based on four arguments: Associated Bank , and 4 that the Receiver lacked prudential standing to pursue the lawsuit.
The Eighth Circuit reversed and sent the case back to the District Court for further proceedings. The District Court is now considering Associated Bank's other arguments for dismissal--in pari delicto, res judicata and standing. On April 14, , the parties re-filed their earlier briefs on these issues. Because these issues were already addressed in the earlier oral argument, the Court has advised that another hearing is not necessary. We expect the Court to issue a written decision on these issues in the coming months.
While the District Court considers the remaining issues that had been raised by Associated Bank, the parties agreed to participate in an early settlement conference with Magistrate Judge Mayeron. That settlement conference was held on June 1, , but a settlement was not reached. When the Receiver filed the complaint against Associated Bank on January 29, , the Bank responded with a motion to dismiss the complaint, rather than an answer. The Bank made four arguments about why it believed the case should be dismissed, without a need for further litigation.
The Court has now rejected each of those arguments and determined that the case should go forward. The Court will now enter a schedule for the balance of the case, including initial disclosures, experts, discovery, non-dispositive motions, dispositive motions and trial. Now that the Court has denied Associated Bank's motion, the parties will submit a proposed schedule to Magistrate Judge Mayeron, who will then enter a Scheduling Order for the rest of the case.
The Bank will answer the Receiver's Complaint and the parties will begin discovery into their remaining claims and defenses. Among other things, that Order sets the close of fact discovery for April 4, , the close of expert discovery for July 15, , and dispositive motions to be served and filed by October 1, The case shall be ready for trial as of January 1, Since the Amended Pretrial Scheduling Order was entered, the parties have commenced written discovery, i.
Despite the Receiver's good faith effort to reach a mutually agreeable resolution, the case did not settle. In short, the Bank was not willing to negotiate in a range that the Receiver believes to be fair and reasonable to resolve the case without a trial. For the past 10 months, the parties have been conducting fact discovery.
Fact discovery is the period in the case when the parties take depositions of witnesses, serve and respond to interrogatories written questions and requests for admission, and ask for and produce documents. Final depositions will be taken in the coming weeks. On June 2, , the parties argued two motions before Magistrate Judge Mayeron. The first was a motion brought by the Receiver to compel Michael Behm to answer questions that he had refused to answer at his deposition last month.
Behm was an employee of the Ponzi scheme and the step-brother of Lien Sarles. Behm and the Bank entered into a Joint Defense Agreement for purposes of this case and as a result, Mr. Behm refused to answer certain questions based on a claim of a joint attorney-client privilege with the Bank.
The Court granted the Receiver's motion, found there was no joint privilege between Mr. Behm and the Bank, and ordered a continued deposition where Mr. Behm will be required to answer the questions he previously refused to answer. The Bank also brought a motion to compel a 30 b 6 deposition of the Receiver. The Court took this issue under advisement and will decide the issue in the coming weeks. The relevant filings for these two motions can be found here.
The next phase of the case is expert discovery, which is set to be complete by September 19, The deadline for summary judgment motions is October 1, and the case is scheduled to be tried on or after January 1, The Receiver's case against Associated Bank has taken some time because it involved an appeal to the Eighth Circuit at the beginning of the litigation, before discovery even began.
The Receiver filed this case on January 29, and the Bank immediately responded with a motion to dismiss based on four separate grounds. Judge Doty granted the Bank's motion based on one of the Bank's arguments and dismissed the case on September 30, The Receiver then appealed to the Eighth Circuit, which reversed the dismissal and returned the case to the district court on March 2, Once back in the district court, the Bank re-filed their motion to dismiss, asking the Court to dismiss the case again based on the other three arguments it had originally made.
The Court denied that motion on August 4, and set a schedule for the case to proceed on August 24, All of this means that even though the case was filed nearly three and a-half years ago, discovery only got started ten months ago. Based on the current case schedule, the case is set to go to trial in early Summary judgment is a proceeding where one or both of the parties ask the Court to decide the case before it goes to trial.
The party asking for summary judgment must show that there is no genuine dispute as to any material fact and that it is entitled to judgment as a matter of law, in other words, that the judge can decide the case without a jury. The Bank has indicated that it will file a motion for summary judgment asking the Court to find that it is not liable as a matter of law for the Receiver's claims in this action.
Assuming the Bank does file such a motion, the Receiver will oppose it. At this point, we have not linked any investor losses to information that is available in the Panama Papers. Judge Doty held a hearing in the Associated Bank case on December 9, In other words, Associated Bank argued that the Court should rule in its favor as a matter of law and dismiss the case without a trial before a jury.
The Receiver vigorously opposed the motion. Public versions of these and all other filings in the case can be found here. In the meantime, another settlement conference has been scheduled for February 13, This settlement conference will be conducted by Magistrate Judge Steven E. Associated Bank made three main arguments for why judge should enter summary judgment in its favor and not send the case to the jury: The Receiver further argued that given this evidence, the case must go to the jury.
The Bank filed two additional motions before Judge Doty, each of which has to do with evidence in the case. Pettengill testified that he attended this meeting, along with Mr. Sarles and others from the Ponzi Scheme. Sarles did not, in fact, attend the spring meeting. The Bank alleges that such notes existed, that they were destroyed, and because they were allegedly destroyed, the Court should sanction the Receiver in one of two ways: The Receiver responded that the Bank failed to show the legal requirement that the Receiver destroyed evidence or that it acted in bad faith with a desire to suppress the truth and that the Bank failed to show prejudice because it is free to show any evidence it has that would prove the meeting did not, in fact, occur.
Ghligleri is an expert in banking practices directed at detecting fraudulent activity. Her report catalogs the myriad violations Associated Bank made in the course of opening and servicing the Ponzi scheme accounts. In opposing the motion the Receiver argued that Ms. Ghiglieri properly testified on topics within the area of her expertise: Ghiglieri does not extend beyond her expertise to conclude the Bank, in fact, had actual knowledge of the torts.
However, her expertise is necessary to help the jury understand what the Bank was supposed to do with regard to the Ponzi scheme accounts and how it was fully derelict in complying with those duties. The Receiver filed two motions before Judge Doty. Among other things, Mr.
The Receiver moved to strike improper legal arguments offered by Mr. Jarek, as well as his set off theory, which is not based on reliable principles and methods. Grice spends the majority of his opinion improperly weighing evidence and providing factual and legal conclusions about whether the Bank had knowledge of the underlying torts. The Receiver argued that Mr. The Gormans paid the judgment to the Receivership in full in September Any further repatriation of Receivership funds from Panama is now in the hands of the United States government.
Briefs to the appellate court will be filed in March and April We expect the appellate court will hear oral argument some time later this year, although a specific hearing date will not be scheduled until after the briefs are filed. The Receiver will continue to post briefs and hearing dates as they are filed and scheduled. The Receiver shares your disappointment about the summary judgment order. Because we believe the case against Associated Bank is and remains strong, the Receiver has filed an appeal with the Eighth Circuit.
Briefs will be filed this March and April. We expect that the Court will schedule our case for oral argument some time later this year. We do not expect a decision from the Eighth Circuit until the end of this year or early next year. The Receiver is represented by contingent fee counsel in the Associated Bank case, who will continue to serve as main counsel in the appeal.
The Receiver will continue to serve as co-counsel in the appeal process. The Receiver also continues to work with investors who have a change in name, address or other status so that our claims list remains current.
Details of the filing can be found here. If it is approved, the Receiver will promptly mail out checks to investors. The Receiver is in the process of preparing the checks for the Eighth Interim Distribution authorized by the Court. Those checks will be sent by mail to investors next week. A number of checks have been returned to the Receiver without a forwarding address. The Receiver can assist with the process to petition the Court to update the named beneficiary of claims where the original claimant is now deceased.
Please contact us by phone , toll free or email info cookkileyreceiver. The Receiver filed his reply in the appeal on Friday, June 23, All written briefing, which can be found here , is now complete. The next step is for the Court to set a date for oral argument. The Court will notify the parties of the date for that hearing about a month in advance. The most likely timing for that hearing is at the end of this year or in the beginning of next year.
The Receiver will post the hearing date on this web site as soon as it is announced by the Court. Checks from former distributions can no longer be cashed because they are expired. Please be advised that neither the Receiver, nor the people working with the Receiver, represent any party in SEC v. Visiting this website does not create any attorney-client relationship. Submitting information to the Receiver does not create any attorney-client relationship.
The Receiver cannot represent you in any matter connected to any of these cases. Please consult an attorney for advice relating to your legal matter. Frequently Asked Questions The Receiver continues to receive a significant volume of questions from investors by email, at hearings, and through our number.
June 24, FAQ Question 1: Has the plea agreement specifically helped your office in locating assets? My understanding from your quoted comments is that he has merely corroborated what you have discovered.
In a recent email, Fred Abrams alluded approvingly of your activity concerning the Crown Forex issue. Please elaborate as much as possible in that regard. So far, no one wants to touch this one--but it is worth a try.
If we find areas in which Cook has not been truthful, we will make that known to the Court. Is the recovery effort affected once Cook is sentenced? We all know how good he is at hiding assets overseas. What needs to happen for him to serve more than 25 years? For Cook to receive a sentence longer than 25 years, two things must happen: What is the total amount of investor losses reported? Do you expect this to increase? What is your estimation of when these recovered funds will be returned to investors?
What is happening with the case? June 29, FAQ Thank you for your continued questions. Beckman, when represented by Andy Luger, had told us that they had been able to trace our investment to Crown Forex SA.
You have subpoenaed people and at last count we heard you have interviewed about When will we learn who is on the subpoena list and who has been interviewed? Couldn't he have provided knowledge of overseas assets? In general, our decision to pursue any legal claim requires careful consideration and weighing of the following four factors: Do you know if there are any plans for the Judge or DOJ to order a lie detector test?
Cook to a lie detector test prior to his sentencing on July 26, for the purposes of locating assets Question August 12, FAQ Question The fees are seemingly very regular but discovery of additional funds has not occurred. We have invested a lot of time and thousands of dollars with the understanding that any possible proceeds would have no impact on anything we would obtain from the receivership. Since we are hearing the opposite now, could you please explain to me what happened to change this.
Was there a misunderstanding in the beginning? Did you get some new information that changed your position on this? I am one of those unfortunate people victimized by the Cook Kiley scam. They have stolen most of my life savings and at 64 years old I will never be able to recover from this.
You would be helping me and I suspect many others more than you could imagine if you would agree to do a partial distribution.
To the extent that a client incurs expenses or fees in pursuing a third-party claim, will these expenses be offset against the amount of the third-party recovery as measured by the Receiver? If the answer to No. Was Trevor questioned about additional hidden assets at other places? Was the secret passageway in the mansion searched?
Was it searched behind the walls with some type of scanner? Have you interviewed Beckman? Allegedly he and Cook hated each other. Could he not have some incriminating evidence? I have heard Kiley and Mahmoud were not cooperative in their interview. Have they given any helpful information to you or any of the agencies such as the FBI? Because of the connection, how might it help us? Would it benefit your investigation if the sentencing were further delayed and if others were charged?
What about the other European brokerages who have been identified as holders of registry funds? September 23, FAQ Question Do we yet know the potential benefits ARIF [Association Romande des Intermédiaires Financiers—a self-regulated non-profit private rights association in Geneva, Switzerland dedicated to the prevention and the fight against laundering] registration and Swiss regulation might have for our matter?
Was there any applicable insurance in connection with Crown Forex? My thought, along with most other victims, was to get OUR money back before it is all used up on fees, etc. That doesn't seem to be the case. Does that seem fair? Why isn't that being clawed back? Why is it any different than clawing back salaries, commissions, etc. How is the clawing back of commissions going to work if the sales representative received more in commissions than he or she "invested" with Cook?
Are you going to sue the sales representative for the full amount of the commissions? Can the sales representative avoid paying this back by declaring bankruptcy?
What if the sales representative claims he or she spent the money and can't pay it back? Now that Cook has been sentenced, is it plausible that the investigation will wind down due to lack of resources, leaving Cook's associates free to bank our money or assets purchased with our money? For example, the Receiver is aware of an alleged accessory to Cook's crime, who holds an interest in foreign land purchased around using funds mostly, if not entirely traceable to Cook.
Purportedly, in , this individual did not have sufficient personal assets to purchase such a real estate interest, leaving us to suspect that his real estate interest must have been a gratuity from Cook in return for that individual's complicity. No individual should be allowed to walk away with ill gotten gains or assets racked up by helping Cook secure investors to fleece, launder money, or by other wrongful acts.
That is not just or equitable. If the Receiver cannot or will not pursue such assets, could the Receiver suggest a way for the public to do so? October 20, FAQ Question How would the payment of this claim affect the victims of this case? Furthermore, when are these claims supposed to be paid or rejected?
Why do you keep saying we have no jurisdiction outside of the United States? Is there anybody i. I sent a completed form and documents to Justin Delfino in Chicago and also completed a separate claim to you via certified mail. The documents sent to you included copies of bank cashier checks, other checks and bank documents to substantiate the amount I actually deposited with Pat Kiley.
I have not heard anything back from you indicating that my claim has been accepted or verified, is lacking documentation, is incomplete, or is inaccurate with respect to the amount that I demonstrated that I had deposited. What credence do you place in this possibility? Please confirm how my share of recovered assets will be determined.
The general formula we will follow is: November 29, FAQ Question These next steps are expected to happen in If you provided us with the contact info for the liquidators, we could all contact them every day until they responded. Perhaps having the faces behind the names would compel them to respond. In addition, these requests take years and perseverance to yield results.
What are the tax consequences of the distribution checks for those investors who had the money in IRAs? The IRS directed us to publication , and it appears that the IRS may treat the distribution checks as disbursements from the IRA accounts and, for anyone under the age of We recently received the interim civil and criminal restitution distribution checks for the loss suffered by us due to the actions of Cook and others.
Thank you for your efforts on our behalf. We are confused about the status of Associated Bank. Are some of its assets frozen and available for the receivership? If so, how, how much, and what is the status of the receivership claim against Associated Bank?
If large amounts of money were at the bank, and the bank might have played a role in the fraud, why was Associated Bank not named as a "relief defendant"? We see from your earlier FAQ that there is a separate private lawsuit involving some of your claimants and the bank. Thank you for all of your assistance. December 16, FAQ Question Do you know whether the IRS will in certain circumstances allow fraudulent losses of IRA funds to be deducted from income for tax calculations?
Do you know whether I can write-off the entire amount of my investment in or outside of an IRA for tax purposes and treat your distribution as ordinary income?
Please see our answers to Questions 62 and From a tax standpoint, do we take the loss against our taxes now or do we wait in the event we will receive reimbursement?
They said that the receivership would issue R's and that the IRS would get copies. On my form, why can't I treat the distribution as "other income," especially if you will not issue any R's for these checks? Should someone put this in front of the news media, Fox News for instance, to see if their investigative department can do something about this as they have with other folks by putting the embezzlement in front of the public?
Obviously the distribution from the Cook settlement was a joke compared to what we had invested. Is this all we will receive? Shouldn't Millennium Trust and Entrust have some monetary responsibility in this situation as they were the custodians and collected fees? It has been reported that Jason Beckman has been driving a Maserati in his neighborhood.
Is this the same Maserati sold by Trevor Cook? I was reading the article about the lawsuits filed in the Bernie Madoff case, and I was wondering in the Trevor Cook case, if there is a deadline for filing against alleged possessors of registry assets?
Investors are aware of the limitations of the Receiver's jurisdiction as mandated by the appointment order. However, other receiverships have jurisdiction to sue foreign entities, and custodial institutions both here and abroad in wide ranging claw back actions. Where could one obtain a comprehensive and accurate statement of all activity including any alleged trading? There are those who allege the "losses" are merely withdrawals.
Have you interviewed Nolan Schiff? Would his collected fees be subject to claw back? How do we know that there are not substantial receiver assets associated with this entity? Our understanding of the impending FINRA arbitrations with Beckman is that if the plaintiffs win, settlement assets will come from the insurance and assets of the sponsoring companies, one of which is Western International Securities, and that the settlements received will reduce the plaintiff's claims with the receivership in the amount received.
Is this correct and is there other possible impact on the receivership other than this reduction in claim? Do I need to file the challenging affidavit with the Court or any of the government agencies? January 17, FAQ Question The Receiver will not comment on pending litigation. Can you give an update on Crown Forex SA? Following the May 23 hearing with Kiley, do you intend to interview him again?
How does that bear on Kiley pleading the fifth previously at your office? June 24, FAQ Question From the criminal information filing related to Chris Pettengill, were any registry funds placed in R.
Resolute Capital Growth Fund that might be recovered? In light of the recent recovery from Switzerland and your comment in the filing, when can we expect another interim disbursement?
According to my understanding, the Receiver and Mr. Harper are still interested in the Associated Bank matter. What possibilities do you foresee in regard to this?
We consider Associated Bank to be an ongoing investigation and cannot comment further at this time. Why is this matter taking so long? If I give you information that leads to a substantial recovery, will you consider paying a finder's fee? Can you provide an accounting as to where the investors' money went? When do you plan to interview him? In light of the following quote in the Star Tribune, what is being done to investigate the possibility that falsified accounting and trading records were used to hide assets?
What are the statute of limitations guidelines concerning FINRA claims that might be brought in our matter? According to a Texas attorney the limit in Texas is only 2 years for negligence claims and 3 years for fraud claims.
Are the limits different in our venue and how might various statutes of limitations affect our matter? I have heard that some investors have filed or settled their FINRA claims, but that such claims or settlements have been stayed or enjoined. We were appreciative of your advocacy but justifiably disappointed in previous adverse rulings concerning attorney fees. In the case of H. Kiley [grand jury indictment, p.
Do you think in light of that you will be able to recover those funds in a cost effective manner? We do not know the current whereabouts of Hasanian and Swais. How many total claimants are there? What is the amount of claimed losses? How much is a particular distribution?
How much more will be recovered? How much cash does the Receivership have on hand? However, to this point, there has been little if any cooperation on their part with the civil recovery, an example being the Swiss magistrate who travelled to the U. The Justice Department has alluded to a practical wall of separation between the criminal prosecution and the civil recovery that seems at odds with this statement in the U. Beckman et al complaint.
Could you please explain the practical legalities of this seeming incongruity? October 12, FAQ Question I would expect no objection to Judge Davis' approving the motion to hire subcontractors on contingency; but would it help to have a group of investors present to show support for the Receiver's motion? We had a dozen or so for the last hearing date that was rescheduled. Will there be a detailed explanation of the Receiver's plans and does Judge Davis plan to entertain questions from the audience?
I assume the CVRA applies to this hearing as well. Will impending statute of limitation concerns be addressed? How many firms will present plans at this hearing? What third-party entities will be discussed? Two sets of attorneys will be presented; no third-party entities will be discussed. Could you please forward the files from current cases being litigated by the contingency fee attorneys who the Receiver is proposing?
Why has the court system or you or whoever allowed the FINRA matter hearing to be continually postponed-now to a point past the statute of limitations to pursue the matter in federal court?
If this is not an important issue, shouldn't you or someone at least explain why it isn't? March 29, FAQ Question Will the Receiver seek to stay the lawsuit? If I commence a lawsuit and win, how will that money be treated with respect to my claim with the Receiver?
April 6, FAQ Question My Third Distribution check came with a cover letter that stated the total of all my distributions. Does this mean there will be no more distributions coming? I saw something that said the Court put conditions on the distribution checks. Can I cash the check I just received and what happens if I do? See the answer to question above. My name or address is wrong on my distribution check.
How do I fix this? What do I need to do to update her claim? After speaking with my accountant, I do not want to receive any future distributions and wish to abandon my claim. How do I make this happen? My accountant needs to know how much money will eventually be recovered and returned to me. I invested with Bo Beckman. Can I sue him? April 12, FAQ Question What is the status of the criminal cases stemming from this Ponzi scheme? May 2, FAQ Question I heard some checks were issued in the wrong amounts.
How do I know if I got the right amount? My check does not match the amount in the cover letter; it is for MORE than the letter says. What do I do? My check does not match the amount in the cover letter; it is for LESS than the letter says. May 3, FAQ Question May 7, FAQ Question I just received two checks in the same envelope from the Receiver. Are these for the rest of my share of the Third Distribution?
May 17, FAQ Question Is this the end of the cases? I was underpaid in the Third Distribution. I should have gotten 3. Rate Date Criminal Restitution 0. May 30, FAQ Question I think I should have more money coming from NRP and Western and I do not wish to give up any rights to pursue such money. June 29, FAQ Question Now that Beckman, Durand, and Kiley are in jail, will I get more money? I just got a form in the mail requesting information relating to my loss.
Do I need to fill this out? The letter I received from the U. Probation Office said I can get an Abstract of Judgment to go after assets of the defendants. July 3, FAQ Question The form I got from the Probation Office asks me about any compensation received for my loss.
Do I need to include distributions from the Receiver? July 13, FAQ Question Does this mean that the Receiver's claims against PFG are moot? October 26, FAQ Question How does this affect my future distributions, if any? I see Judge Nelson has issued an Order in the Buysse case. When is the trial for the Berg Investors? When is the sentencing in the criminal case? December 12, FAQ Question Where is the money? December 19, FAQ Question Is there anything happening with PFG? January 2, FAQ Question Does the Receiver have any statistics on the demographics of the victims of this fraud?
Residence This fraud spanned the globe. Age The average age of victims of this fraud is sixty-six You can do that by researching online currency brokers that do foreign exchange. If on holiday, vacation, or business you can also inquire about purchasing travellers checks Travellers Cheques.
Also, before your trip, consult with your credit or debit card bank about the foreign exchange transaction fees charged for using your card in Baku, Azerbaijan.
Located on the southern shore of the Absheron Peninsula, the city consists of two principal parts: Dating to antiquity, its urban population at the beginning of was estimated at just over two million people. Baku is divided into eleven administrative districts raions and 48 townships. Among these are the townships on islands in the Baku Bay and the town of Oil Rocks built on stilts in the Caspian Sea, 60 km 37 mi away from Baku.
According to the Lonely Planet's ranking Baku is also amongst the world's top ten destinations for urban nightlife. The city also serves as the main financial hub of Azerbaijan. Many sizeable Azerbaijani facilities have their headquarters there, including SOCAR, one of the world's top companies.
Oil boom The first oil well was mechanically drilled in the Bibi-Heybat suburb of Baku in , though a number of hand-dug well predate it.
Large-scale oil exploration started in , when Russian imperial authorities auctioned the parcels of oil-rich land around Baku to private investors. An industrial oil belt, better known as Black City, was established near Baku.
By the beginning of the 20th century almost half of world production was being extracted in Baku. Seeking to capitalize on the existing inter-ethnic conflicts, by spring , Bolsheviks inspired and condoned civil warfare in and around Baku.
During the infamous March Days, Bolsheviks and Dashnaks seeking to establish control over the Baku streets, faced with armed Muslim groups. Muslims suffered a crushing defeat by the united forces of the Baku Soviet and then felt the whole unbridled ferocity of Dashnak teams. Some 12 Azeri became the victims of the massacre carried out by radical Armenians and Bolshevik troops.
Shortly after, Azerbaijani forces, with support of the Ottoman Army of Islam led by Nuru Pasha, started their advance into Baku, eventually capturing the city from the loose coalition of Bolsheviks, Esers, Dashnaks, Mensheviks and British forces under the command of General Lionel Dunsterville on 15 September Thousands of Armenians in the city were massacred in revenge for the earlier March Days.