Last Updated March 13, 2009
June 2008: On May 1, 2008, the court approved an asset allocation plan providing for pro-rata distribution to the former foreign currency and real estate clients of Richmond Global Associates, LLC, Richmond Global Director, LLC, Richmond Global MCA, LLC, Richmond Global Managed Account, LLC, Richmond Global, Ltd. and RG Group Holdings, LLC (collectively the “Richmond Global Entities”).
In early May 2008, the Receiver sent payments to the former clients of the Richmond Global Entities in accordance with the approved plan. If you are a former client of the Richmond Global Entities and have not received a payment, please contact the Receiver at (212) 785-2577, no later than September 2, 2008. Please ask for Maria O’Kane to verify your account.
March 2008: On February 13, 2008, the court preliminarily approved an asset allocation plan (the “Plan”) for the former clients of Richmond Global Associates, LLC, Richmond Global Director, LLC, Richmond Global MCA, LLC, Richmond Global Managed Account, LLC, Richmond Global, Ltd. and RG Group Holdings, LLC (collectively the “Richmond Global Entities”).
Under the Plan, all clients who have been identified as having invested in the Richmond Global Entities’ foreign exchange and real estate products will be reimbursed at the rate of 5.798 percent for their net investments. Clients with unpaid withdrawals will be reimbursed for such unpaid withdrawals at the same rate, 5.798 percent. Investors who loaned money directly to (as opposed to invested money with) the Richmond Global Entities will not receive any reimbursement under the Plan.
In addition to this notice, the Receiver has sent each Richmond Global investor a letter providing the complete details of the Plan.
All investors, whether represented by counsel or not, who wish to object to the Plan may do so by submitting written objections, on or before April 9, 2008, to the following people:
Honorable Shira Scheindlin
United States District Judge
Daniel Patrick Moynihan United States Courthouse
500 Pearl Street
New York, NY 10007-1312
Natalie A. Napierala, Esq.
Counsel to Receiver John W. Moscow, Esq.
Rosner & Napierala, LLP
New York, NY 10004
The court will first consider timely objections and then issue a final approval of the original Plan or a modified version of the original Plan. Once final approval has been given, the Receiver will begin distributing assets in accordance with the approved Plan.
Last Updated: March 23, 2011
- Court Order Approving Distribution Plan, June 4, 2008
- Letter to Richmond Global Clients, March 5, 2008
- CFTC Press Release 5429-07, December 28, 2007
- Court Order, April 23, 2007
- CFTC Press Release 5050-05, February 18, 2005