On April 3, 2017, the Receiver filed a “Motion to Approve Claim Form, Manner of Notice of Claim Form, and Claims Bar Date” with the Court. The Motion and attached proposed Claim Form may be found under Court Documents.
On March 31, 2017 the Receiver filed two motions with the Court. One motion seeks to pool the assets of JCS, TBTI, JOLA, PSCS, and GeeBo into a single Receivership Estate for the purposes of a more efficient and cost effective Court approved claims process. The second motion seeks to transfer assets in “TBTI Defined Pension Plan” into the Receivership Estate for the purposes of the eventual distribution to approved claimants. Both motions may be found under Court Documents.
Receiver files Fifth Report with the Court, which is available here.
The Receiver is pleased to announce that he has obtained a declaratory judgment against Damon and Cathy Barnes providing him with an lien over assets worth approximately $400,000. As a result of this declaration, the Receiver has had the assets in those accounts transferred to the Receivership Estate without any tax penalties or withholding. A copy of the Declaratory Judgment can be found on this website under "Lawsuits Filed."
Receiver files Motion for Summary Judgement and for Declaratory Relief Against Joseph Signore
The Receiver is pleased to announce that he has contracted to sell two (2) pieces of real property formerly owned by Craig Hipp, which the Estate obtained during the course of the Receivership. The Receiver is actively seeking qualified overbids in accordance with both applicable law and the terms of the “as is” residential contracts for the sale and purchase of real estate, both of which are available for download here and here. Further, please be advised that the court-approved notices for the sale of these real properties can also be downloaded here and here. All sales are subject to the contract terms, applicable law, and court approval after a public hearing on June 1, 2016 at 1:15 p.m. EDT at the United States District Court located at 701 Clematis Street, Second Floor, Courtroom 7, West Palm Beach, Florida 33401.
The Court entered Final Judgments in favor of the Receiver against both Paul and Christine Schumack, joint and severally, in the amount of $5,129,806.94 plus post-judgment interest based on their consents.
The Receiver has filed lawsuits in federal court against over 20 profiteers, seeking a return of funds for the Receivership Estate. Those lawsuits may be found in the "Lawsuits Filed" section of this website.
Frequently Asked Questions (Taxes) is available here.
The following documents are in PDF format. Adobe Reader is required to view the PDF's. If you do not have Adobe Acrobat, please click here to download the free Adobe Reader.
Will I receive a Form 1099 this year or any year in the future from any of the Receivership Entities?
The Receiver will not issue Forms 1099 to investors for amounts previously paid or distributed to investors by Receivership Entities.
The Receiver will not issue Form 1099s for future distributions made from the Receivership Estate during the course of the administration and wind-down of the Receivership Entities by the Receiver unless you are an IRA investor.
If you invested in Receivership Entities through an IRA, you will receive Form 1099-R if you receive a future distribution from the Receivership Estate.
Am I able write-off my investment in Receivership Entities as worthless and report that loss in my tax return?
Neither the Receiver nor his financial or legal professionals are able to answer questions regarding your personal tax situation. Your ability to deduct losses for your investment relating to one or more of the Receivership Entities may be dependent on how your tax returns were prepared in prior years relative to the amount that you paid to one or more of the Receivership Entities. You should contact your personal tax advisor about any questions regarding tax losses or deductions that may be available to you with respect to amounts that you previously paid to any of the Receivership Entities.
Who can my tax advisor contact if he or she has questions about tax reporting related to my investment?
Your tax advisor may contact Lesley Johnson at KapilaMukamal, LLP at (954) 761-1011.
Notice: The above FAQs do not constitute, and many not be relied on as, tax advice. All investors, persons, and/or entities are responsible for making their own individual decisions regarding any tax payments and/or filings, and neither the Receivership Estate (nor the Receiver or his engaged professionals) are responsible for such payment and/or filings. You may wish to consult with an independent tax attorney or accountant qualified in tax matters concerning any such tax ramifications.