Securities and Exchange Commission v. Nadel et al

Filing 1396

NOTICE by Burton W. Wiand of filing Amended Exhibit E to 1383 Receiver's Motion to (1) Approve Determinations and Priority of Claims, (2) Pool Receivership Assets and Liabilities, (3) Approve Plan of Distribution, and (4) Establish Objection Procedure (Attachments: # 1 Exhibit E - Amended)(Perez, Jared)

Download PDF
AMENDED EXHIBIT E EXHIBIT E - AMENDED 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 $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. Allowed Amount 54 $500,000.00 $17,341.83 $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 $482,658.17 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. Page 19 of 20 $30,305.00 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 93 $200,000.00 $19,998.35 $180,001.65 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. $180,001.65 The Claimant did not state the 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. $9,453,221.54 Page 20 of 20 $6,217,420.57, not including equitably subordinated claim

Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.


Why Is My Information Online?