What is a Receiver?

The Receiver is the individual who assumes responsibility for all assets of the entities in receivership in the civil enforcement action brought by the SEC.  He is responsible for determining how the business was operated and where all of the assets are located.  He also is charged with reporting to investors and other interested parties.  Ultimately, the Receiver will determine the amounts owed to individual creditors and investors and will distribute available assets in accordance with a plan approved by the Court.