Currently, approximately $1.5 million is available to be distributed as restitution. On May 17, 2007, the District Court issued an Order for Distribution of Restitution and Appointment of Fund Administrator (see CFTC Press Release 5362-07, July 27, 2007). The Order appoints Robb Evans & Associates LLC as Fund Administrator. Under the Order, Robb Evans & Associates LLC is authorized to create and manage the administration of the claims procedures and distribution of the funds currently available for restitution to eligible claimants.
The Order provides that the Fund Administrator will send a letter to the last known address of individuals and/or entities (claimants), other than a defendant or relief defendant, that deposited investment funds directly into a U.S. bank account of defendant Emerald, relief defendant ACE Capital Advisory Group Inc. and/or relief defendant ACE Emerald W. Holding Inc. during the period of March 2002 through April 2004. The letter will identify all known deposits and withdrawals by the claimant and the claimant’s resulting net loss. The letter will direct the claimant to provide a statement, in a form acceptable to the Fund Administrator, which confirms the deposits, withdrawals and net loss stated in the letter. A claimant will receive a pro rata distribution from the restitution fund if the claimant provided the requested statement to the Fund Administrator and the Fund Administrator has determined, by an analysis of relevant financial and other records provided to it by the Commission and/or the claimant, that the claimant suffered a net loss. Claimants whose withdrawals were greater than their deposits are not eligible to receive any distribution.
Claimants may contact Robb Evans & Associates LLC via mail at 11450 Sheldon Street, Sun Valley, CA 91352-1121 or via email at [email protected]. Information about the distribution will be available at http://www.robbevans.com/html/emerald.html.
Related Documents:
- Complaint, November 17, 2003
- Amended Complaint, May 10, 2004
- Amended Complaint (Japanese)
- Statutory Restraining Order #1, November 18, 2003
- Statutory Restraining Order #2, May 11, 2004
- Contempt Order, July 29, 2004
- Order Imposing Sanctions, September 16, 2004
Press Releases:
- CFTC Press Release 5362-07, July 27, 2007
- CFTC Press Release 5265-06, December 16, 2006
- CFTC Press Release 5036-05, January 11, 2005
- CFTC Press Release 5003-04, October 4, 2004
- CFTC Press Release 4871-03, December 8, 2003
Staff Contacts:
Joan Manley
Deputy Director
CFTC Division of Enforcement
202-418-5312
Paul Hayeck
Associate Director
CFTC Division of Enforcement
202-418-5356
Last Updated: June 17, 2010