Securities and Exchange Commission v. Nadel et al
Filing
1383
MOTION for miscellaneous relief, specifically to (1) Approve Determinations and Priority of Claims, (2) Pool Receivership Assets and Liabilities, (3) Approve Plan of Distribution and (4) Establish Objection Procedure by Burton W. Wiand. (Attachments: # 1 Exhibit A - Quest Blank Proof of Claim Form, # 2 Exhibit B - Secured Tax, # 3 Exhibit C - Secured, # 4 Exhibit D - Allowed, # 5 Exhibit E - Allowed in Part, # 6 Exhibit F - NI Allowed, # 7 Exhibit G - Denied, # 8 Exhibit H - NI Denied)(Perez, Jared)
EXHIBIT E
EXHIBIT E
Investor Claims - Allowed In Part
Class 3
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
17
$50,000.00
$7,507.47
$42,492.53
$87,434.00 The Claimants seek $37,434.00 in addition to the amount
they invested without consideration of False Interest
Payments they already received. The Claimants are not
entitled to recover any such False Interest Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
$42,492.53
18
$25,000.00
$5,000.00
$20,000.00
$41,875.00 The Claimants seek $16,875.00 in addition to the amount
they invested without consideration of False Interest
Payments they already received. The Claimants are not
entitled to recover any such False Interest Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
$20,000.00
19
$50,000.00
$11,192.64
$38,807.36
$66,307.36 The Claimant seeks $16,307.36 in addition to the amount
she invested, which she claims represents the total
amount she was promised less the amount she received.
The Claimant is not entitled to recover any promised
False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include False Interest
Payments either received or promised.
$38,807.36
Page 1 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
$50,000.00 The Claimant seeks the full amount of her investment
without consideration of the payments she already has
received. The Claimant is not entitled to recover any
False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
Allowed
Amount
20
$50,000.00
$8,466.47
$41,533.53
21
$100,000.00
$3,214.69
$96,785.31
$140,785.31 The Claimant seeks $40,785.31 in addition to the amount
he invested, which he claims represents the total amount
he was promised less the amount he received. The
Claimant is not entitled to recover any promised False
Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include False Interest
Payments either received or promised.
$96,785.31
22
$50,000.00
$15,750.00
$34,250.00
$50,000.00 The Claimant seeks the full amount of his investment
without consideration of False Interest Payments he has
already received. The Claimant is not entitled to recover
any False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$34,250.00
Page 2 of 20
$41,533.53
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
23
$25,000.00
$1,253.55
$23,746.45
$25,000.00 The Claimant seeks the full amount of his investment
without consideration of False Interest Payments he has
already received. The Claimant is not entitled to recover
any False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments.
$23,746.45
24
$15,000.00
$3,650.00
$11,350.00
$15,000.00 The Claimant seeks the full amount of her investment
without consideration of False Interest Payments she
already has received. The Claimant is not entitled to
recover any False Interest Payments. Accordingly, the
Receiver recommends that this claim be allowed for the
Net Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$11,350.00
25
$50,000.00
$17,500.00
$32,500.00
$50,000.00 The Claimant seeks the full amount of his investment
without consideration of False Interest Payments he
already has received. The Claimant is not entitled to
recover any False Interest Payments. Accordingly, the
Receiver recommends that this claim be allowed for the
Net Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$32,500.00
Page 3 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
26-A
$8,333.00
$2,916.67
$5,416.33
The Claimant sought the full amount of his investment
without consideration of False Interest Payments he
already received. The Claimant is not entitled to recover
any False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised. Further, this
Claimant is deceased. The Receiver was instructed by
RBC Captial Markets Corp., the custodian for this claim,
that the Claimant’s three children are the appropriate
beneficiaries and that any distributions which this claim
may be entitled to receive should be divided among their
IRA accounts. As such, this change will be reflected in
this distribution and any subsequent distributions.
$5,416.33
26-B
$8,333.00
$2,916.67
$5,416.33
The Claimant sought the full amount of his investment
without consideration of False Interest Payments he
already received. The Claimant is not entitled to recover
any False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised. Further, this
Claimant is deceased. The Receiver was instructed by
RBC Captial Markets Corp., the custodian for this claim,
that the Claimant’s three children are the appropriate
beneficiaries and that any distributions which this claim
may be entitled to receive should be divided among their
IRA accounts. As such, this change will be reflected in
this distribution and any subsequent distributions.
$5,416.33
Page 4 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
26-C
$8,333.00
$2,916.67
$5,416.33
$25,000.00 The Claimant sought the full amount of his investment
without consideration of False Interest Payments he
already received. The Claimant is not entitled to recover
any False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised. Further, this
Claimant is deceased. The Receiver was instructed by
RBC Capital Markets Corp., the custodian for this claim,
that the Claimant’s three children are the appropriate
beneficiaries and that any distributions which this claim
may be entitled to receive should be divided among their
IRA accounts. As such, this change will be reflected in
this distribution and any subsequent distributions.
$5,416.33
27
$25,000.00
$3,740.10
$21,259.90
$23,760.15 The Receiver discovered additional payments to the
Claimant, which she did not include in her Proof of Claim
Form. Accordingly, the Receiver recommends that this
claim be allowed for the Net Investment Amount, which
does not include any False Interest Payments either
received or promised.
$21,259.90
28
$25,000.00
$5,623.73
$19,376.27
$25,000.00 The Claimants seek the full amount of their investment
without consideration of False Interest Payments they
have already received and an unspecified amount of
interest. The Claimants are not entitled to recover any
such False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$19,376.27
Page 5 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
29
$250,000.00
$11,266.00
$238,734.00
$163,758.00 The claim amount stated on the Proof of Claim Form is
signifcantly less than the Claimants’ Net Investment
Amount. The Claimants state that they brought litigation
in connection with this investment, but cannot disclose
the amount they received without a subpoena. The
Receiver recommends that this claim be allowed
contingent upon receipt of an affidavit from the Claimants
setting forth the amount they recovered from any and all
third parties in connection with their investment within
thirty (30) days from the date of the order on this motion.
After receipt of this information, if the settlement
recovery combined with the False Interest Payments the
Claimants received is greater than the amount the
Claimants reduced from the claim, the Receiver will
further reduce the Allowed Amount of this claim to
account for the additional recovery. If the Claimants fail
to provide the affidavit within the prescribed 30 day
period, the Receiver recommends that this claim be
denied.
$163,758.00
30
$125,000.00
$16,606.34
$108,393.66
$125,000.00 The Claimants seek the full amount of their investment
without consideration of False Interest Payments they
already have received and also seek an unspecified
amount of promised interest. The Claimants are not
entitled to recover any such False Interest Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include any
False Interest Payments either received or promised.
$108,393.66
Page 6 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
31
$350,000.00
$11,048.53
$338,951.47
$350,000.00 The Claimant seeks the full amount of its investment
without consideration of False Interest Payments it
already has received. The Claimant is not entitled to
recover any False Interest Payments. Accordingly, the
Receiver recommends that this claim be allowed for the
Net Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$338,951.47
32
$175,000.00
$7,652.00
$167,348.00
$167,348.00 The Claimant states that she brought litigation in
connection with this investment, which she settled, but
the settlement is subject to a confidentiality agreement.
The Receiver recommends that this claim be allowed
contingent upon receipt of an affidavit from the Claimant
setting forth the amount she recovered from any and all
third parties in connection with her investment within
thirty (30) days from the date of the order on this motion.
After receipt of this information, the Receiver will reduce
the Claimant’s Allowed Amount to account for any
recovery the Claimant received in connection with her
investments at issue. If the Claimant fails to provide the
affidavit within the prescribed 30 day period, the Receiver
recommends that this claim be denied.
$167,348.00
Page 7 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
33
$75,000.00
$0.00
$75,000.00
$75,000.00 The Claimant states that she brought litigation in
connection with this investment, which she settled, but
the settlement is subject to a confidentiality agreement.
The Receiver recommends that this claim be allowed
contingent upon receipt of an affidavit from the Claimant
setting forth the amount she recovered from any and all
third parties in connection with her investment within
thirty (30) days from the date of the order on this motion.
After receipt of this information, the Receiver will reduce
the Claimant’s Allowed Amount to account for any
recovery the Claimant received in connection with her
investments at issue. If the Claimant fails to provide the
affidavit within the prescribed 30 day period, the Receiver
recommends that this claim be denied.
$75,000.00
34
$450,000.00
$15,648.00
$434,352.00
$434,532.00 The Claimant states that he brought litigation in
connection with this investment, which he settled, but the
settlement is subject to a confidentiality agreement. The
Receiver recommends that this claim be allowed
contingent upon receipt of an affidavit from the Claimant
setting forth the amount he recovered from any and all
third parties in connection with his investment within
thirty (30) days from the date of the order on this motion.
After receipt of this information, the Receiver will reduce
the Claimant’s Allowed Amount to account for any
recovery the Claimant received in connection with his
investments at issue. If the Claimant fails to provide the
affidavit within the prescribed 30 day period, the Receiver
recommends that this claim be denied.
$434,352.00
Page 8 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
35
$300,000.00
$0.00
$300,000.00
$300,000.00 The Claimant states that he brought litigation in
connection with this investment, which he settled, but the
settlement is subject to a confidentiality agreement. The
Receiver recommends that this claim be allowed
contingent upon receipt of an affidavit from the Claimant
setting forth the amount he recovered from any and all
third parties in connection with his investment within
thirty (30) days from the date of the order on this motion.
After receipt of this information, the Receiver will reduce
the Claimant’s Allowed Amount to account for any
recovery the Claimant received in connection with his
investments at issue. If the Claimant fails to provide the
affidavit within the prescribed 30 day period, the Receiver
recommends that this claim be denied.
$300,000.00
36
$50,000.00
$12,000.64
$37,999.36
$50,000.00 The Claimant seeks the full amount of her investment
without consideration of False Interest Payments she has
already received. The Claimant is not entitled to recover
any False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$37,999.36
37
$25,000.00
$2,472.85
$22,527.15
$25,000.00 The Claimant seeks the full amount of her investment
without consideration of False Interest Payments she has
already received. Accordingly, the Receiver recommends
that this claim be allowed for the Net Investment Amount,
which is the claim’s Allowed Amount and does not
include False Interest Payments either received or
promised.
$22,527.15
Page 9 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
38
$70,000.00
$26,600.00
$43,400.00
$87,500.00 The Claimant seeks $17,500.00 in addition to the amount
he invested without consideration of False Interest
Payments he already received. The Claimant is not
entitled to recover any such False Interest Payments.
Total Payments to the Claimant includes a payment in the
amount of $5,600 the Claimant received in connection
with a lawsuit he brought against his sales agent. As this
payment was made in connection with the Claimant’s
losses in Quest and reduced the amount of his loss, it is
appropriately included in Total Payments. Accordingly,
the Receiver recommends that this claim be allowed for
the Net Investment Amount, which is the claim’s Allowed
Amount and which does not include False Interest
Payments either received or promised.
$43,400.00
39
$500,000.00
$141,558.01
$358,441.99
$500,000.00 The Claimant seeks the full amount of the investment
without consideration of False Interest Payments already
received. The Claimant is not entitled to recover any
False Interest Payments. Total Payments to the Claimant
includes a payment in the amount of $120,000 the
Claimant received in connection with a lawsuit brought
against a sales agent and his broker dealer. As this
payment was made in connection with the Claimant’s
losses in Quest and reduced the amount of loss, it is
appropriately included in Total Payments. Accordingly,
the Receiver recommends that this claim be allowed for
the Net Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$358,441.99
Page 10 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
40
$62,500.00
$6,249.71
$56,250.29
41-A
$50,000.00
$5,000.50
$44,999.50
Claim
Amount
Recommended Claim Determination
$62,500.00 The Claimant seeks the full amount of her investment
without consideration of False Interest Payments she has
already received. The Claimant is not entitled to recover
any False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments.
The Claimants submitted one Proof of Claim Form for
two distinct investments: this claim in the name of an
individual’s IRA and Claim Number 41-B in the name of
this individual’s wife’s trust. The Receiver has
recognized this claim as one claim with two parts for
distribution purposes. The Claimants also seem to seek
the full amount of these investments without
consideration of False Interest Payments already received.
The Claimants are not entitled to recover any False
Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
Page 11 of 20
Allowed
Amount
$56,250.29
$44,999.50
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
41-B
$200,000.00
$18,345.23
$181,654.77
$200,000.00 The Claimants submitted one Proof of Claim Form for
two distinct investments: this claim in the name of an
individual’s trust and Claim Number 41-A in the name of
this individual’s husband’s IRA. The Receiver has
recognized this claim as one claim with two parts for
distribution purposes. The Claimants also seem to seek
the full amount of these investments without
consideration of False Interest Payments already received.
The Claimants are not entitled to recover any False
Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$181,654.77
42
$75,000.00
$29,670.47
$45,329.53
$126,342.30 The Claimants seek $51,342.30 in addition to the amount
they invested without consideration of False Interest
Payments they already received. The Claimants are not
entitled to recover any such False Interest Payments.
Total Payments made to Claimants include a payment in
the amount of $8,965.13 the Claimants received in
connection with a lawsuit they brought against their sales
agent. As this payment was made in connection with the
Claimants’ losses in Quest and reduced the amount of
their loss, it is appropriately included in Total Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
$45,329.53
Page 12 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
43
$500,000.00
$11,631.51
$488,368.49
$500,000.00 The Claimant seeks the full amount of his investment
without consideration of False Interest Payments he has
already received. The Claimant is not entitled to recover
any False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$488,368.49
44
$350,000.00
$0.00
$350,000.00
$350,000.00 This claim was submitted by an incorporated endowment.
The president and founder of the endowment is a
purported Quest sales agent. The Receiver recommends
that this claim be allowed contingent upon the receipt of
an affidavit from the Claimant identifying all beneficiaries
of this endowment and stating whether the sales agent
will receive any funds from a distribution to this claim
within thirty (30) days from the date of the order on this
motion. If the Claimant fails to provide the affidavit
within the prescribed 30 day period, the Receiver
recommends that this claim be denied. Further, if the
sales agent is a beneficiary of the endowment, this claim
or the portion of the claim which may benefit the agent,
should be denied.
$350,000.00
Page 13 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
45
$25,000.00
$6,875.00
$18,125.00
46
$125,000.00
$2,250.00
$122,750.00
47
$50,000.00
$14,987.54
$35,012.46
Claim
Amount
Recommended Claim Determination
$41,875.00 The Claimants seek $16,875.00 in addition to the amount
they invested without consideration of False Interest
Payments they already received. The Claimants are not
entitled to recover any such False Interest Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
The Claimant did not set forth his claim amount in the
Proof of Claim Form. The Receiver recommends that this
claim be allowed for the Net Investment Amount, which
is the claim’s Allowed Amount and which does not
include any False Interest Payments either received or
promised.
$62,500.00 The Claimant seeks $12,500.00 in addition to the amount
she invested without consideration of False Interest
Payments she already received. The Claimant is not
entitled to recover any such False Interest Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
Page 14 of 20
Allowed
Amount
$18,125.00
$122,750.00
$35,012.46
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
48
$50,000.00
$15,412.24
$34,587.76
$62,500.00 The Claimant seeks $12,500.00 in addition to the amount
he invested without consideration of False Interest
Payments he already received. The Claimant is not
entitled to recover any such False Interest Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
$34,587.76
49
$125,000.00
$5,220.00
$119,780.00
$125,000.00 The Claimant seeks the full amount of his investment
without consideration of False Interest Payments he has
already received. The Claimant is not entitled to recover
any False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$119,780.00
50
$100,000.00
$38,831.00
$61,169.00
$100,000.00 The Claimant seeks the full amount of its investment
without consideration of False Interest Payments it has
already received. The Claimant is not entitled to recover
any False Interest Payments. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$61,169.00
Page 15 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
51
$200,000.00
$85,243.55
$114,756.45
$235,000.00 The Claimant seeks $35,000.00 in addition to the amount
he invested without consideration of False Interest
Payments he already has received. The Claimant is not
entitled to recover any such False Interest Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
$114,756.45
52
$24,000.00
$5,452.48
$18,547.52
$25,000.00 The Claimant seeks the full amount of his investment
without consideration of False Interest Payments he
already has received. The Claimant is not entitled to such
False Interest Payments. Further, the amount Claimant
asserts as his investment amount is inconsistent with the
Receivership records. Accordingly, the Receiver
recommends that this Claim be allowed for the Net
Investment Amount, which is consistent with the
Receivership records and does not include any False
Interest Payments either received or promised.
$18,547.52
53
$50,000.00
$13,531.59
$36,468.41
$63,968.41 The Claimant seeks $13,968.41 in addition to the amount
he invested. The Claimant is not entitled to recover any
promised False Interest Payments. Accordingly, the
Receiver recommends that this claim be allowed for the
Net Investment Amount, which is the claim’s Allowed
Amount and which does not include False Interest
Payments either received or promised.
$36,468.41
Page 16 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
54
$500,000.00
$17,341.83
$482,658.17
$500,000.00 The Claimant stated that he did not recall receiving any
distributions. Receivership records show distributions to
the Claimant in the total amount of $17,341.83.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
$482,658.17
55
$50,000.00
$5,000.50
$44,999.50
$81,250.00 The Claimant seeks $31,250.00 in addition to the amount
he invested. Further, the Claimant indicated on the Proof
of Claim Form that he did not receive any distributions.
Receivership records show distributions to the Claimant
in the total amount of $5,000.50. The Claimant is not
entitled to recover any such False Interest Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
$44,999.50
56
$50,000.00
$11,247.44
$38,752.56
$50,000.00 The Claimant seeks the full amount of her investment
without consideration of False Interest Payments she
already has received. The Claimant is not entitled to
recover any False Interest Payments. Accordingly, the
Receiver recommends that this claim be allowed for the
Net Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$38,752.56
Page 17 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
$850,000.00 The Claimant has submitted this claim as an investor and
as a “secured lender.” The Claimant is not a secured
lender. The Claimant did not secure any purported
interest in any property of Quest prior to the appointment
of the Receiver. Accordingly, the Receiver recommends
that this claim be allowed as a Class 3 Investor Claim.
Allowed
Amount
57
$850,000.00
$0.00
$850,000.00
58
$37,500.00
$10,990.71
$26,509.29
$26,509.29 The investment amount set forth by the Claimant includes
a “credit” given for a purported error made in the titling
of the Claimant’s account. Because the Claimant did not
actually invest the funds which equal the credit amount, it
should not be considered in determining the amount of
the Claimant’s loss. Accordingly, the Receiver
recommends that this claim be allowed for the Net
Investment Amount, which is consistent with the
Receivership records, reflects actual dollars invested, and
does not include any False Interest Payments either
received or promised.
$26,509.29
59
$200,000.00
$20,001.62
$179,998.38
The Claimant did not state her claim amount or any
amounts received on the Proof of Claim Form she
submitted. Accordingly, the Receiver recommends that
this claim be allowed for the Net Investment Amount,
which is the claim’s Allowed Amount and which does not
include any False Interest Payments either received or
promised.
$179,998.38
Page 18 of 20
$850,000.00
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
60
$100,000.00
$56,403.00
$43,597.00
$100,000.00 The Claimant seeks the full amount of his investment
without consideration of False Interest Payments he
already has received. The Claimant is not entitled to
recover any False Interest Payments. Accordingly, the
Receiver recommends that this claim be allowed for the
Net Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$43,597.00
61
$100,000.00
$28,194.35
$71,805.65
$100,000.00 The Claimants seek the full amount of their investment
without consideration of False Interest Payments they
already have received. The Claimants are not entitled to
recover any False Interest Payments. Accordingly, the
Receiver recommends that this claim be allowed for the
Net Investment Amount, which is the claim’s Allowed
Amount and which does not include any False Interest
Payments either received or promised.
$71,805.65
62
$31,500.00
$1,195.00
$30,305.00
$30,817.00 The Receiver discovered additional payments to the
Claimant, which he did not include in his Proof of Claim
Form. Accordingly, the Receiver recommends that this
claim be allowed for the Net Investment Amount, which
is the claim’s Allowed Amount and does not include any
False Interest Payments either received or promised.
$30,305.00
Page 19 of 20
Claim
Number
Investment
Amount
Total
Payments
Net
Investment
Amount
Claim
Amount
Recommended Claim Determination
Allowed
Amount
63
$25,000.00
$5,027.78
$19,972.22
$31,250.00 The Claimant seeks $6,250.00 in addition to the amount
they invested without consideration of False Interest
Payments they already have received. The Claimants are
not entitled to recover any such False Interest Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
$19,972.22
64
$100,000.00
$27,500.00
$72,500.00
$167,500.00 The Claimants seek $67,500.00 in addition to the amount
they invested without consideration of False Interest
Payments they already have received. The Claimants are
not entitled to recover any such False Interest Payments.
Accordingly, the Receiver recommends that this claim be
allowed for the Net Investment Amount, which is the
claim’s Allowed Amount and which does not include
False Interest Payments either received or promised.
$72,500.00
65
$5,100,000.00
$2,417,090.28
$2,682,909.72
Total
$2,682,909.72 The Receiver recommends that this claim be allowed, but $2,682,909.72 but
equitably subordinated to the other Quest Investor Claims equitably subordinated
such that this claim will not receive a distribution until all
allowed and allowed-in-part Investor Claims are paid in
full.
$9,453,221.54
Page 20 of 20
$6,037,418.92, not
including equitably
subordinated claim
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