Mr. Hays was appointed Receiver on September 21, 2007 for this investment fraud case. This case involves the recovery of $10.9 million that was invested in various Prime Bank Schemes. To date, the Receiver Team has identified over a dozen entities and parties worldwide who were involved or implicated in the Prime Bank Scheme. We investigated assets, recovered funds and are preparing for a distribution to creditors.
INVESTOR UPDATE ON MARCH 7, 2011
On November 29, 2010, the Court entered an Order Authorizing the Procedure Set Forth in the Receiver’s Final Report and the Closing of the Receivership. Final distribution checks were mailed in early January 2011. Following the final distribution and the other two distributions in this case, all investors and creditors will have received a total of 63.48% of their Allowed Claim. The Receiver does not anticipate making any further distributions to investors or creditors.