The Receiver has entered into a conditional asset purchase agreement (“APA”) to sell a combination of the Estate’s assets for $1,536,971.75. Details are in the Receiver’s Motion,linked here. A complete list of important court documents and others related to this motion is available here.
Receiver to hold Town Hall Meeting on September 19, 2014. Details Here.
List and Description of Assets of JCS Enterprises, Inc.; T.B.T.I., Inc., and My Gee Bo, Inc. for Court-Approved Sale is now available
On July 31, 2014 the receiver filed his First Report with the Court, which is available here.
On April 22, 2014, the Receiver filed a Motion to Stay Lawsuits and Expand the Stay. Currently, there are at least six pending lawsuits by creditors in various state courts...Read more.
On April 7, 2014, the United States Securities and Exchange Commission (“SEC”) filed an emergency action alleging that JCS Enterprises, Inc., d/b/a JCS Enterprises Services, Inc., T.B.T.I. Inc., Joseph Signore, and Paul L. Schumack II (the “Defendants”) were violating the federal securities laws by, among other things, engaging in a Ponzi scheme. As part of the action, the SEC filed a Complaint and sought emergency relief from the United States District Court for the Southern District of Florida, including an Ex Parte Motion for a Temporary Restraining Order to freeze assets and an Emergency Motion Seeking the Appointment of a Receiver over both JCS Enterprises, Inc., d/b/a JCS Enterprises Services, (“JCS”) and T.B.T.I. Inc. (“T.B.T.I.”) (collectively, the “Receivership Entities” or “Receivership Estate”). Specifically, the SEC’s Complaint alleges that, from at least 2011 through the present, the Defendants fraudulently raised at least $40 million from hundreds of investors nationwide through the ongoing sale of investments in virtual concierge machines.
On the same day, the Honorable Donald M. Middlebrooks, United States District Judge for the Southern District of Florida, granted the SEC’s Emergency Motion Seeking the Appointment of a Receiver and issued an order entitled Amended Receivership Order, which appointed me as the Receiver over both JCS and T.B.T.I. This means that the Court has ordered me, in my capacity as the Receiver, to “take immediate possession of all property, assets and estates of every kind of JCS and T.B.T.I.,” among numerous other things. On April 14, 2014, the Court expanded the receivership, and the Receivership Entities, to include My Gee Bo, Inc.
Since his appointment as Receiver, Mr. Sallah and a team of accountants, lawyers and investigators have been working to identify and secure assets of the Receivership Entities. This web site was created to provide information to investors regarding the efforts of the Receiver to discover, marshal, and preserve for the benefit of all investors the funds and assets of the Receivership Entities. As this website will be updated frequently with Court filings, investor letters and other materials, we encourage all investors to visit frequently. In the event any investor concern is unclear or not addressed in this website, please contact the Receiver by email at firstname.lastname@example.org.