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.

Court Docket Activity

July 18, 2007 – Complaint

September 21, 2007 – Amended Order Appointing Receiver

Receiver’s 3rd Interim App for Payment of Fees and Expenses
Exhibit A – Receiver’s 3rd Interim App for Payment

Exhibit B – Receiver’s 3rd Interim App for Payment

Exhibit C – Receiver’s 3rd Interim App for Payment

Proposed Order – Receiver’s 3rd Interim App for Payment

June 26, 2008 – 4th Fee Application Exhibit A – Global 4th Fee Application
Exhibit B – Global 4th Fee Application
Exhibit C – Global 4th Fee Application
Proposed Order – Global 4th Fee Application

September 3, 2008 – Motion to Establish Claims Bar Date in Consolidated Case Global Finance and Brief in Support Thereof

Proposed Bar Date Order

September 24, 2008 – Bar Order Establishing Bar Date of 10/15/08 for Investors and Creditors and 1/15/2009 for Taxing Authorities

October 7, 2008 – 5th Fee Application Exhibit A – Global 5th Fee Application
Exhibit B – Global 5th Fee Application
Exhibit C – Global 5th Fee Application
Proposed Order – Global 5th Fee Application

November 14, 2008- Motion to Approve the Plan for Claims Administration and Distribution of Proceeds

November 14, 2008 – Plan for Claims Administration and Distribution of Proceeds

November 14, 2008 – Notice of the Motion

November 14, 2008 – Brief in support of the Motion to Approve the Plan for Claims Administration and Distribution of Proceeds

December 2, 2008 – Court Approved Plan for Claims Administration and Distribution of Proceeds

December 12, 2008 – 6th Fee Application Exhibit A – Global 6th Fee Application
Exhibit B – Global 6th Fee Application
Exhibit C – Global 6th Fee Application
Proposed Order – Global 6th Fee Application

February 10, 2009 – 7th Fee Application Exhibit A – Global 7th Fee Application
Exhibit B – Global 7th Fee Application
Exhibit C – Global 7th Fee Application
Proposed Order – Global 7th Fee Application

April 22, 2009 – 8th Fee Application Exhibit A – Global 8th Fee Application
Exhibit B – Global 8th Fee Application
Exhibit C – Global 8th Fee Application
Proposed Order – Global 8th Fee Application

May 6, 2009 – Motion to Approve Schedule of Claims and Distribution of Proceeds in Consolidated Case GF 05.06.2009
Exhibit A – Receiver’s Plan for Claims Administration and Distribution of Proceeds
Exhibit B – Schedule of Allowed Investor Claims
Exhibit C – Schedule of Conditionally Allowed Investor Claims

May 13, 2009 – Order Granting Receiver’s Motion to Approve the Schedule of Claims and Distribution of Proceeds

June 20, 2009 – 9th Fee Application

July 31, 2009 – Order in Consolidated Case of Global Finance Establishing Procedure to Address Level Par Investors’ Complaints Regarding the Distribution of the Receiver Estate

September 4, 2009 – 10th Fee Application
Exhibit A – Global 10th Fee Application
Exhibit B – Global 10th Fee Application
Exhibit C – Global 10th Fee Application
Proposed Order – Global 10th Fee Application

September 15, 2009 – Receiver’s Report Regarding the Status of Pending Tax Issues Affecting the Distribution of the Receiver Estate in Consolidated Case Global Finance

October 7, 2009 – Receiver’s Notice of Resolution of Pending Tax Issues and Intent to Make Distribution in Consolidated Case of Global Finance & Investments, Inc.

October 8, 2009 – 11th Fee Application
Exhibit A – Global 11th Fee Application
Exhibit B – Global 11th Fee Application
Exhibit C – Global 11th Fee Application
Proposed Order – Global 11th Fee Application

October 22, 2009 – Receiver’s Report Regarding the Second Distribution

October 22, 2009 – Receiver’s Motion to Approve Amended Schedule of Allowed Claims

January 21, 2010 – Receiver’s Final Report
Exhibits

November 29, 2010 – Order Authorizing the Procedure Set Forth in the Receiver’s Final Report and the Closing of the Receivership

Investor Information

December 18, 2007 – Receiver’s Letter and Proof of Claim Form

Excel Template of Exhibit A of the Proof of Claim

April 22, 2008 – Receiver’s Letter to Investors

July 16, 2008 – Receiver’s Letter to Investors

October 22, 2008 – Receiver’s Letter to Investors

January 14, 2009 – Receiver’s Letter to Investors

June 29, 2009 – Letter Accompanying the First Interim Distribution

Non-Investor Claims

Non-Investor Proof of Claim Form

News Articles and Press Releases

Click here to email the Receiver

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