RECEIVERSHIPS: TRIGON GROUP / DAREN PALMER
Wayne Klein, Receiver for Trigon Group / Daren Palmer
PO Box 1836
Salt Lake City, UT 84110
June 18, 2015: Order Terminating Receivership. Today, the Court entered an order terminating the Receivership Estate and discharging the Receiver. As part of that order, the Court: i) approved the final status report and accounting, ii) approved payment of a fifth distribution in the amount of $397,000, iii) approved payment of the remaining receiver fees and attorneys’ fees, and iv) approved procedures for the closing of the case. A copy of the order can be found here. It is expected that this will be the final posting on this website.
June 16, 2015: Motion to Close Receivership. The Receiver filed a motion seeking court approval to close the Trigon receivership. The motion includes a request to make a fifth and final distribution to investors of $397,000, approve payment of receiver and attorneys’ fees, and approve procedures to close the case. If the court approves the motion, checks will be mailed to the investors. A copy of the motion can be found here.
June 11, 2015: Notice of Settlements. The Receiver filed a notice of a settlement with Stephan Lawson, which will result in the payment of $10,000 in satisfaction of the judgment the Receiver obtained against Lawson. This settlement reflects collection of the final judgment the Receiver has obtained in this case and the conclusion of all litigation. A copy of the notice can be found here.
April 23, 2015: Status Report Filed. The Receiver filed a status report, summarizing receivership activities in the first quarter of the year and describing plans for closing the receivership estate. A copy can be found here.
March 6, 2015: The Receiver has filed a notice of property sale, summarizing the results of the auction of the commercial lot in Meridian, Idaho. Anyone wanting to object to consummation of this sale should file notice with the Court within ten days of today’s filing. A copy of the notice can be found here.
February 23, 2015: The Receiver filed a status report summarizing activities during the last quarter of 2014. A copy of the report can be found here.
February 11, 2015: The court has granted the Receiver’s motion to sell the Eagle Road property at an auction to be held on March 3, 2015. A copy of the court’s order can be found here.
February 5, 2015: The Receiver filed a motion seeking Court approval to conduct an auction to sell the one remaining real estate property in the Receivership Estate. The motion proposes a no-reserve auction to be conducted on March 3, 2015. A copy of the motion can be found here.
January 2, 2015: The Ninth Circuit Court of Appeals issued a decision today affirming the jury verdict against Doyle Beck. The amount of the judgment against Beck, with interest, is now more than $90,000. A copy of the appeals court ruling can be found here.
October 22, 2014: The Receiver filed with the Court a quarterly status report for the period from July 1, 2014 to September 30, 2014. A copy of the report can be found here.
July 28, 2014: The Receiver filed today his quarterly status report for the period ending June 30, 2014. A copy of the report can be found here.
June 16, 2014: The Ninth Circuit Court of Appeals announced that the oral argument on the appeal by Doyle Beck will be August 29, 2014.
April 9, 2014: The Receiver filed the status report today with the Court covering the activities for the period from January through March 2014. A copy of the report can be found here.
February 24, 2014: Capital One Financial has dismissed its appeal based on its settlement with the Receiver. A copy of the order dismissing the appeal can be found here.
February 12, 2014: The Receiver filed with the Court notice of a settlement with Capital One Bank. The bank had appealed the judgment won by the Receiver, then decided to settle. A copy of the notice can be found here.
February 4, 2014: The Receiver filed with the Court a notice of property sale. The Receiver has provisionally accepted an offer of $120,000 for the two-acre parcel of land in Ammon, Idaho. The sale is subject to review by the Court and consideration of any objections filed by others. Any objections should be filed within ten days. A copy of the notice can be found here.
January 22, 2014: The Court today granted the Receiver’s request to make a fourth interim distribution to investors in the amount of $689,130.04. A copy of the order can be found here. The checks will be sent in the coming days.
January 16, 2014: The Receiver filed a motion today seeking court approval to make a fourth interim distribution of funds. The Receiver proposes distributing $689,130.04, equal to 10% of the amount of the remaining unpaid claims. A copy of the motion can be found here.
January 7, 2014: The Court today signed an order approving payment of fees and expenses to the Receiver and his counsel for the period from October 1, 2012 to September 30, 2013. A copy of the order can be found here.
January 6, 2014: The Receiver filed his status report today for the quarter ending December 31, 2013. A copy of the report can be found here.
December 31, 2013: The Receiver filed a fee application today for work performed on this case from October 2012 through September 2013. The application seeks payment of $13,216.79 in fees and expenses for the Receiver for the year of work and $21,508.63 in fees and expenses for work by his counsel. A copy of the fee application can be found here.
December 30, 2013: The Court today issued an order awarding the Receivership $3,878.50 in its litigation against Stephan Lawson. A copy of the order can be found here. The Receivership has now been granted $35,266.99 against Lawson and is proceeding to try and collect this amount, plus interest that continues to accrue.
November 27, 2013: The Receiver filed his appeal brief in support of the judgment entered by the district court against Doyle Beck. A copy of the Receiver’s brief can be found here.
November 27, 2013: The Receiver today filed a notice of property sale. The notice describes the results of the auction of the Idaho Falls mansion previously owned by Daren Palmer. The home sold for $762,000.00. The filing of the notice triggers a ten-day period for anyone to file objections to the sale. If no objections are filed, the receiver will close the sale. A copy of the notice can be found here.
November 22, 2013: The Receiver has accelerated the auction deadline for the sale of the mansion to Monday, November 25. This acceleration was to make it attractive for additional bidders to participate because those bidders would need to close on the sale before December 31, 2013. The Court has approved the Receiver’s request to accelerate the auction deadline. The Receiver’s motion can be found here. The Court’s order can be found here.
October 24, 2013:The Court today approved the Receiver’s plan to conduct an auction of the Idaho Falls home that was being built by Mr. Palmer. A copy of the Court’s order can be found here.
October 22, 2013: The Receiver filed a status report summarizing activity in the Receivership during the quarter ending September 30, 2013. A copy of the report can be found here.
October 22, 2013: The Receiver filed a motion today seeking Court approval to hold an auction to sell the Idaho Falls mansion. The auction will be held December 12, 2013. The property will be sold without any minimum price, but will be subject to final court approval. The motion summarizes the auction plan and includes a copy of the auction agreement. A copy of the motion can be found here. The auctioneer has prepared a brochure describing the property and inviting bids for the home. A copy of the brochure can be found here.
July 26, 2013: The Receiver filed a notice with the Court of a pending sale of real estate. The notice describes an offer of $19,500 the Receiver has accepted for a building lot in Idaho Falls. The notice also provides that If no one objects to the sale within ten days of the notice, the sale will go forward. A copy of the notice can be found here.
July 19, 2013: The Receiver filed his most recent status report with the Court. The Report describes developments in the case for the period from April 1, 2013 to June 30, 2013. A copy of the report can be found here.
July 12, 2013: The Court today entered a judgment against Capital One Bank in the amount of $72,206.40. This includes $42,263.75 in payments owed to Trigon and $29,942.65 in pre-judgment interest. A copy of the order can be found here.
May 28, 2013: The Court today issued an opinion granting summary judgment to the Receiver in his lawsuit against Capital One Bank. The Receiver had sued Capital One seeking the return of monies that Trigon paid to Capital One on a credit card held by Daren Palmer. The opinion requires Capital One to repay $42,263.75 to the Receivership Estate, along with 12% interest.
May 28, 2013: The Court granted summary judgment to the Receivership against Stephan Lawson for $20,000 paid to Lawson by Trigon. The Court found that Trigon received no benefit from the monies paid to Lawson and ordered the amount repaid, with interest. It is not clear whether Lawson has the resources to pay this judgment or whether the Receiver will be required to file a lien on Lawson’s home.
April 30, 2013: The Receiver today filed a quarterly status report summarizing activities in the Receivership from January through March 2013. A copy of the report can be found here.
April 19, 2013: Doyle Beck has appealed the judgment that the Receiver obtained against him. A copy of the notice of appeal can be found here.
April 8, 2013: The Court today entered an amended judgment against Doyle Beck, requiring him to pay $87,534.56 to the Receiver. A copy of the judgment can be found here.
March 22, 2013: The Court today issued a ruling on the motions by the Receiver and Beck to alter the jury verdict in the Receiver’s lawsuit against Beck. The Court denied Beck’s motion to amend the judgment. The Court denied the Receiver’s motion to amend the judgment but granted the Receiver’s motion to be awarded prejudgment interest on the $55,000 awarded to the Receiver by the jury. A copy of the Court’s order can be found here.
January 11, 2013: A status report was filed today showing activities of the receivership for the last three months of 2012. A copy can be found here.
December 18, 2012: The Court today issued an order approving payment of the fees and expenses of the Receiver and his counsel for the period from April 1, 2012 to September 30, 2012. A copy of the order can be found here
December 7, 2012: The Receiver filed a motion for summary judgment today in his lawsuit against Stephan Lawson. A copy of the motion can be found here.
November 14, 2012: A fee application was filed today by the Receiver and his attorneys. The fee application is for work performed for the six months from April 1, 2012 through September 30, 2012. A copy of the application can be found here.
September 30, 2012: The quarterly status report for the quarter ending September 30, 2012 was filed with the Court on November 14, 2012. A copy can be found here.
September 21, 2012: The Court today issued an order approving the Receiver’s request to make a third distribution of funds to investors. Checks are being mailed to investors on September 24, 2012. A copy of the court order can be found here.
September 5, 2012: The Receiver today filed with the court a motion for judgment against Beck in the amount of $555,000, arguing that because the jury found that Duane Yost was not acting in good faith, the transfers to Beck did not result in any benefit coming to Trigon. A copy of the motion and memorandum can be found here. Beck’s attorney has also filed a post-trial motion arguing that the Receiver should not have been awarded any damages by the jury.
August 8, 2012: The Court today entered judgment in favor of the Receiver against Doyle Beck. The judgment is for the $55,000 awarded by the jury at the trial that concluded August 3. A copy of the judgment can be found here.
August 3, 2012: A jury today entered its verdict awarding the Receiver $55,000 in his lawsuit against Doyle Beck. The Receiver had sued Mr. Beck seeking the return of $555,000 that Duane Yost paid to Mr. Beck where Mr. Yost used funds from Trigon to pay Mr. Beck. The jury decided the Mr. Beck should be allowed to offset the $500,000 that he loaned to Mr. Beck from the amount being sought by the Receiver. As a result, the jury ordered Mr. Beck to pay to the Receiver all the funds he received from Trigon (through Mr. Yost) in excess of the loan he made to Mr. Yost.
July 27, 2012: Today, the Receiver filed a motion with the Court seeking permission to make a third distribution of $800,000.00. This distribution is a result of two recent settlements with Diners Club and American Express, which brought close to $750,000.00 into the receivership Estate. A copy of the motioncan be found here, and memorandum can be found here.
June 30, 2012: The Receiver filed the quarterly status report for the three months ending June 30, 2012. A copy of the report can be found here. The report was prepared in August, but was inadvertently not filed with the Court until November 15, 2012.
June 8, 2012: The Receiver today filed a notice of settlement, giving notice of a settlement agreement he reached with American Express. Under the agreement, American Express will pay $590,000 to the Receivership. If no objections are filed within ten days, the Receiver will proceed to implement the settlement agreement. A copy of the notice can be found here. In addition, the Court today issued an order approving the payment of fees and reimbursement of expenses for the Receiver and his attorneys. A copy of the order can be found here.
May 29, 2012: The Receiver filed a notice of settlement of his lawsuit against Brad Beauchamp.
May 8, 2012 The Receiver today filed an application with the court for approval to pay the fees and expenses of the Receiver and his counsel for the period from October 2011 to March 2012.
April 30, 2012: The Receiver today filed the March 31, 2012 quarterly status report with the Court. The Receiver also filed a Notice of Settlements, advising the Court of settlement agreements reached with Diners Club and RoChel Burtenshaw.
March 2, 2012: The Court today signed an order allowing the Receiver to make a second interim distribution of $300,000 to the 24 investors remaining in the distribution pool. Checks are expected to be mailed March 5, 2012.
February 27, 2012:The Receiver today filed a notice with the Court of a proposed sale of a residential building lot located near St. George, Utah and also the proposed settlement of two lawsuits the Receiver had filed against Michael Beauchamp and Lexie Kunz.
February 21, 2012: Today the Receiver filed a copy of the quarterly status report for the period ending December 31, 2012. The Receiver also filed a motion with the Court asking for approval to make a second interim distribution to investors in the amount of $300,000.00. A copy of the motion and supporting memorandum can be found here.
Welcome to the Klein & Associates website! This site contains information regarding the Receivership of Trigon Group, Inc. and the assets of Daren Palmer. On this page, you will find:
- Information about submitting a claim to be eligible to be paid funds recovered by the Receiver;
- Copies of the Court Orders Appointing a Receiver and Court filings by the SEC and CFTC;
- Copies of Status Reports and other notices the Receiver has filed with the Court;
- Copies of lawsuits filed by the Receiver seeking to recover funds;
- Information relating to tax treatment of Ponzi scheme losses; and
- General information about the Receivership.
***Filing Deadline: February 28, 2010***
1. Order Appointing Receiver
- 02.26.2009 Order Appointing Receiver in CFTC Action
- 02.26.2009 SEC Motion to Appoint Receiver
- 02.26.2009 Order Appointing Receiver in SEC Action
2. SEC/CFTC Litigation
- 02.26.2009 CFTC Complaint
- 02.26.2009 SEC Complaint
- 02.26.2009 Motion for Preliminary Injunction
- 02.26.2009 Order RE: Preliminary Injunction as to Defendants Daren L. Palmer and Trigon Group, Inc. and Order To Show Cause
- 02.26.2009 Memorandum in Support of Motion for Preliminary Injunction & Ex Parte Motions for Appointment of Receiver, an Asset Freeze Order & Other Relief
- 05.26.2009 Stipulated Preliminary Injunction Order (SEC Action)
- 05.28.2009 Consent Order of Preliminary Injunction (CFTC Action)
- 07.17.2009 Motion For Contempt Filed By The SEC
- 08.07.2009 SEC Supplemental Motion For Contempt
- 08.26.2009 CFTC Motion For Contempt
- 08.26.2009 CFTC Memorandum Regarding Contempt
- 08.27.2009 SEC Motion For Summary Judgment
- 08.27.2009 SEC Memorandum for Summary Judgment
- 10.23.2009 Court Order Of Contempt In CFTC Action
- 10.23.2009 Court Order Of Contempt In SEC Action
- 06.17.2010 CFTC Memorandum Summary Judgment
- 06.17.2010 CFTC Motion for Summary Judgment
- 07.19.2010 SEC Final Judgment Palmer
- 07.19.2010 SEC Final Judgment Trigon
- 10.04.2010 CFTC Summary Judgment
- 05.18.2011 Criminal Charges, Palmer
- 05.18.2011 Palmer Criminal Filing
3. Status Reports to the Court
- 03.31.2009 Receiver’s Initial Status Report
- 06.30.2009 Receiver’s Second Status Report
- 09.30.2009 Receiver’s Third Status Report
- 01.28.2010 Receiver’s Fourth Status Report
- 03.31.2010 Receiver’s Fifth Status Report
- 07.12.2010 Receiver’s Sixth Status Report
- 09.30.2010 Receiver’s Seventh Status Report
- 12.31.2010 Receiver’s Eighth Status Report
- 03.31.2011 Receiver’s Ninth Status Report
- 07.12.2011 Receiver’s Tenth Status Report
- 09.30.2011 Receiver’s Eleventh Status Report
- 12.31.2012 Receiver’s Twelfth Status Report
- 04.30.2012 Receiver’s Thirteenth Status Report
- 06.30.2012 Receiver’s Fourteenth Status Report
- 09.30.2012 Receiver’s Fifteenth Status Report
- 01.17.2013 Receiver’s Sixteenth Status Report
- 03.31.2013 Receiver’s Seventeenth Status Report
- 07.19.2013 Receiver’s Eighteenth Status Report
- 09.30.2013 Receiver’s Nineteenth Status Report
- 12.31.2013 Receiver’s Twentieth Status Report
- 04.09.2014 Receiver’s Twenty-First Status Report
- 08.11.2014 Receiver’s Twenty-Second Status Report
- 09.30.2014 Receiver’s Twenty-Third Status Report
- 12.31.2014 Receiver’s Twenty-Fourth Status Report
- 03.31.2015 Receiver’s Twenty-Five Status Report
4. Lawsuits Filed by the Receiver
- 6.11.2015 Notice of Settlements – Lawson
- 01.02.2015 Beck Appeal Decision
- 02.24.2014 Capital One Dismissal of Appeal
- 02.12.2014 Notice of Capital One Settlement
- 12.30.2013 Lawson Order to pay Receiver’s Attorney Fees
- 11.27.2013 Receiver’s Appeal Brief of Beck Judgment
- 07.12.2013 Capital One Judgment
- 05.28.2013 Capital One Summary Judgment
- 05.28.2013 Lawson Summary Judgment
- 04.08.2013 Doyle Beck Amended Judgment
- 12.07.2012 Lawson Summary Judgment Motion
- 09.05.2012 Receiver Motion for Judgment
- 08.08.2012 Judgment in Receiver Litigation
- 07.27.2012 Third Distribution Motion to the Court
- 07.27.2012 Third Distribution Motion to the Court Memo
- 05.30.2012 Brad Beauchamp Notice of Settlement
- 09.29.2009 Receiver Lawsuit Against Dean Palmer, Tri-Steel Construction
- 10.14.2009 Receiver Lawsuit Against George Heffernan
- 11.13.2009 Stoddard Complaint To Avoid Fraudulent Transfers
- 11.13.2009 No Limit, Inc Complaint To Avoid Fraudulent Transfers
- 01.19.2010 Lawsuit Against Kevin Taggart
- 01.22.2010 Revolution Mechanical Works Complaint
- 01.27.2010 Duane Yost Complaint
- 02.17.2010 American Finance Complaint
- 02.17.2010 Brad Beauchamp Complaint
- 02.17.2010 Michael Beauchamp Complaint
- 02.18.2010 Doyle Beck Complaint
- 02.18.2010 Copper Creek Fountains Complaint
- 02.18.2010 John Goddard Complaint
- 02.18.2010 Jeff Struchen Complaint
- 02.18.2010 Elaine Talbot Complaint
- 02.18.2010 R. Jay Taylor Complaint
- 02.25.2010 Kyle & Lexie Kunz Complaint
- 04.14.2010 Stephan Lawson Complaint
- 04.14.2010 Keith Rasmussen Complaint
- 05.10.2010 RoChel Burtenshaw Complaint
- 05.12.2010 Sight & Sound Complaint
- 11.24.2010 Court Order on Timberline Properties
- 12.14.2010 American Express Complaint
- 12.14.2010 Diners Club Complaint
- 12.17.2010 CapitalOne Complaint
- 06.09.2011 Notice of Settlement – Smiths
- 07.21.2011 Heffernan Judgment
- 11.23.2011 Court Settlement Notice
- 04.30.2012 Notice of Settlements
5. Claims Process Filings
- 01.22.2014 Court Order Approving Fourth Distribution
- 01.16.2014 Fourth Claims Distribution
- 09.24.2012 Order for Third Distribution
- 01.19.2010 Receiver’s Motion For Approval Of Claims Process
- 01.21.2010 Court Approval For Claims Process
- 05.13.2010 Report And Recommendations On Claims Process
- 06.09.2010 SEC Distribution Plan
- 07.12.2010 Claims Process Notice Final List
- 08.23.2010 SEC Distribution Plan Reply
- 10.12.2010 Court Hearing on Distribution
- 10.25.2010 Judge Order
- 11.18.2010 Distribution Hearing Minute Entry
- 11.23.2010 Court Order on Talbot Objection
- 11.24.2010 SEC Brief in Support of Distribution Plan
- 11.24.2010 Distribution Plan Supp Pro Rata Chart
- 11.24.2010 Distribution Plan Supp Declaration of Wayne Klein, Receiver
- 02.04.2011 Motion Approve SA
- 02.04.2011 SEC Memorandum in Support of Receiver Motion
- 03.01.2011 Notice of Settlements (Talbot, Duke)
- 03.07.2011 Order Approve Distribution
- 02.21.2012 Claims Procedure Motion
- 02.21.2012 Claims Procedure Memorandum
- 03.02.2012 Order Approving Second Interim Distribution
6. Other Receivership Filings with the Court and Property Sales/Filings
- 6.18.2015 Order Terminating Receivership
- 6.16.2015 Motion to Close Receivership
- 03.06.2015 Notice of Property Sale – Southstone
- 02.11.2015 Order Approving Sale of Property – Southstone
- 02.05.2015 Motion for Sale of Property – Southstone
- 02.04.2014 Ammon Property Sale Report
- 01.07.2014 Order Approving Fee Application
- 12.31.2013 Receiver’s Fee Application
- 11.27.2013 Court Notice of Mansion Property Sale
- 11.21.2013 Mansion Auction Accelerated Motion
- 11.22.2013 Mansion Auction Accelerated Order
- 10.24.2013 Order Approving Mansion Auction
- 10.22.2013 Mansion Auction Motion
- 10.21.2013 Mansion Auction Brochure
- 07.26.2013 Property Sale Notice Timberline
- 04.19.2013 Beck Appeal Notice
- 03.22.2013 Beck Trial Reconsideration Order
- 12.18.2012 Order Approving Receiver Application for Fees and Expenses
- 11.14.2012 Fee Application
- 06.08.2012 Fee Approval Order
- 06.08.2012 Notice of Settlement Report to the Court
- 05.08.2012 Approval to pay fees and expenses Oct 11 to Mar 12
- 05.18.2009 Receiver Notice Of Property Sale
- 08.07.2009 Receiver’s Fee Application
- 11.09.2009 Notice Of Settlement With Mauri Ventures
- 11.24.2009 Second Application Seeking Court Approval Of Fees And Expenses
- 12.03.2009 Order Approving Receiver Fees
- 03.11.2010 Court Notice Of Settlements & Property Sale
- 04.16.2010 Notice Of Property Sale And Settlement
- 04.27.2010 Third Application Seeking Court Approval Of Fees And Expenses
- 05.05.2010 Order Approving Receiver’s Fees
- 06.15.2010 Notice Of Real Estate Transactions
- 08.04.2010 Notice of Settlements
- 12.01.2010 Fourth Application Seeking Court Approval of Fees and Expenses
- 12.06.2010 Notice of Planned Real Estate Sales
- 12.16.2010 Receiver’s Supplemental Memo Clarifying Expenses Incurred
- 12.28.2010 Court Fee Approval
- 05.20.2011 Fifth Fee Application Fifth
- 09.30.2011 Fee Approval Order
- 09.30.2011 Receiver Sixth Fee Application
- 10.21.2011 Fee Approval Order Trigon
- 02.28.2012 Notice of Settlements and Property Sale
Criminal Charges and Other Information
On March 17, 2009 the IRS announced significant tax relief for victims of Ponzi schemes. The ability to take tax deductions for past years and future years has been greatly expanded. I have added information here that will help you understand the new tax relief and that your accountants and tax advisors can use in determining how to deduct losses from this scheme.
- Article from March 18 2009 Wall Street Journal
- IRS Revenue Ruling 09-09
- IRS Revenue Procedure 09-20
- Testimony To Congress By A Top IRS Official Explaining the New Tax Relief Procedures
This information is being posted for investor information. The Receiver has no opinion on how individual investors treat their investment for tax purposes. Investors are urged to contact their own tax professionals for advice on tax treatment of their situation.
3/7/09 INVESTOR PRELIMINARY QUESTIONNAIRE
The attached form is designed to help the Receiver understand what claims might be made against Palmer and Trigon, including what amounts were given to Palmer and Trigon by investors. Please complete and submit this form, by clicking on the following link:
2/26/09 EXPLANATORY STATEMENT OF THE RECEIVER
Salt Lake City, Utah: Wayne Klein was appointed today as Receiver for Trigon Group, Inc., of Idaho Falls, Idaho. The appointment was made by U.S. District Judge Edward J. Lodge at the request of the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Receiver is providing the following information that may be helpful to investors regarding the Trigon Receivership:
What is a Receiver? A Receiver is a person appointed by a court to take control of companies or assets. This prevents any dissipation or misuse of the assets and begins the process that hopefully will lead to recovering money that can be used to pay investors and other creditors. As the Receiver, I am an officer of the court. It is my duty to gather and protect the assets of FFCF, Ascendus, and Smith Holdings. I am experienced in analyzing investment programs, having served as Director of the Utah Division of Securities, Chief of the Utah Attorney General’s Commercial Enforcement Division, and Chief of the Idaho Securities Bureau. I do not work for any of the parties in the lawsuits that have been filed.
What will the Receiver do now? The immediate tasks for the Receiver are: 1) locating the assets and records of the companies and transferring them to my control, 2) conducting an analysis of the company’s operations to determine where the funds were expended and determining what claims, if any, the company may have against third parties to recover more funds, 3) recovering any deposits in brokerage or bank accounts, 4) seeking to recover any improper payments made to others, 5) selling any assets of the company, and 6) recommending to the Court a plan to distribute funds the Receiver is able to recover. The Receiver expects to be able to take advantage of work already done in gathering and analyzing information.
When can I get my money back? How much? It is too early to say how much, if any money the Receiver will be able to locate and recover. The Receiver will analyze the records of the company, including bank records, and identify where assets might be. The Receiver will then seek to recover those assets. The Receiver also must evaluate claims against the company, such as investor claims. It will likely take several months to completely gather and evaluate this information. It is not possible to determine, at this early date, what funds, if any, will be located and returned.
How can I keep informed about what the Receiver is doing? The Receiver must file regular progress reports with the court. Those reports are public information and will be shared with investors. The Receiver will post these reports, copies of court filings, and other information about the receivership on its web site: http://www.kleinutah.com Investors are encouraged to check the web site for updated information.
How do the Receiver and his staff get paid? We are paid out of assets of the estate, generally from monies we recover. All payments must be approved by the Court.
What information will the Receiver want from me? The Receiver will be sending investors a form requesting information about your investments and asking for copies of documents you received from the company. If there is information you think the Receiver should know now, before he finishes his preliminary review of records of the company, you can send them to the Receiver at: Wayne Klein, Receiver for FFCF, Ascendus, and Smith Holdings, 10 Exchange Place, Suite 502, Salt Lake City, UT 84111. The Receiver can be contacted at (801) 534-4455 or via e-mail at email@example.com
|Wayne Klein, Receiver
PO Box 1836
Salt Lake City, UT 84110
|Alison B. Wilson
Commodity Futures Trading Commission
DC Bar #475992
Division of Enforcement
1155 21st Street, N.W.
Washington DC 20581
Telephone: (202) 418-5568
Facsimile: (202) 418-5523
Idaho State Bar #3196
Deputy Attorney General
State of Idaho
P.O. Box 83720
Boise, Idaho 83720-0031
Telephone: (208) 332-8093
Facsimile: (208) 332-8016
Securities & Exchange Commission
15 West South Temple, Suite 1800
Salt Lake City, Utah 84101
Telephone: (801) 524-5796
Facsimile: (801) 524-5262