The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.     

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.  

The Receiver is pleased to announce the following:

A Second Interim Distribution is being made as a result of the Court’s granting the Receiver’s Motion for Approval of Second Interim Distribution Plan and Procedures.

This Second Interim Distribution will be for 28% (twenty-eight percent) of your Approved Claim(s) amount.  

The distribution under the Second Interim Plan shall be made from the monies the Receiver has recovered from Slovakia. 

The Receiver will begin executing the Second Interim Plan thirty (30) days after the Order was signed (June 25, 2024).

The Receiver must wait thirty (30) days after the Court’s Order was signed for the Order to become final and non-appealable, assuming no notices of appeal or objections are filed. The Receiver does not anticipate any notices of appeal or objections to be filed.

Prior to initiating distribution payments, the Receivership has multiple steps to complete, including:

Reconfirming postal addresses or wire instructions depending on the applicable method of payment (US or International) for security purposes.

The Receiver anticipates the Second Interim Distributions payments will begin within the next six (6) to eight (8) weeks and continue for approximately 180 days. 

Efforts to obtain recover additional funds in Morocco continue.  If such efforts are successful, additional distributions will be made on account of your Approved Claim. At this time, the Receiver is unable to determine when or if those additional recoveries may occur.

For further information regarding the Second Interim Distribution, click here or see the Court Papers section for the Motion and Order granting Approval of Second Interim Distribution Plan and Procedures.
 

If you have any questions, you may contact us by sending an email to: receiver@prophetmaxreceivership.com.

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.  

Please read the following and if you have any questions, please email the Receiver at receiver@prophetmaxreceivership.com.

Due to the number of expected questions, please allow 7-10 days for a response. The Receiver has a very small staff assisting with answering questions. The staff is small to assist in keeping administrative fees low. 

On June 14, the Court held a telephonic hearing. The Court ruled on several very important motions:

IMPORTANT DATES:

No later than July 12th, 2022, the Receiver shall email the hearing Notice to all investor claimants.

August 26, 2022 – Any persons wishing to be heard shall file a response no later than this date. 

September 12, 2022- Hearing set at 09:30 a.m. 

A Hearing is set for September 12, 2022 at 09:30 a.m. on the Receiver’s

Amended Motion to Approve Settlement, to Ancillary Channeling and Bar Injunctions, and to Establish Distribution Procedures 

What the Notice Means:

The Notice officially notifies investor claimants of the proposed ING Settlement. The Investors will have the opportunity to object. The Notice sets a hearing date and outlines steps investors must take to object to the proposed settlement. If an investor objects, the Receiver has an opportunity to respond to the objections. Ultimately, the Court will decide to approve of the proposed settlement with ING. The Receiver is in the process of drafting a proposed ING Settlement Distribution Plan. He will submit it to the Court, as soon as the Court rules on the proposed Settlement.

NOTE: The ING Settlement funds will be sent to the Receiver in Euros. With the fluctuating exchange rates, it is now estimated that investor claimants will be receiving at 31 cents on the dollar.

ADDITIONAL FILINGS 

2022.06.14 Order on Receiver's Motion to Approve Notice Procedures and to Set Hearing.

2022.06.14 Notice

THIS IS THE MOTON SET FOR HEARING SEPTEMBER 12, 2022 at 09:30 a.m.

2022.06.14 Amended Motion to Approve Settlement, To Issue Ancillary Channeling and Bar Injunctions, and to Establish Distribution Procedures

NOTE:
2022.06.14 Appendix in Support of Amended Motion to Approve Settlement, To Issue Ancillary Channeling and Bar Injunctions, and to Establish Distribution Procedures

2021.12.29 Proposed Order on Motion to Approve Notice Procedures and to Set Hearing

In regards to updates, as previously stated, there is a lot of activity occurring. 

On February 25, 2022, the Court signed numerous orders.

Overview of the recent filings:

1. The Court Signed Order [Dkt. 214] Granting the Motion for Clarification – Note: [Dkt. 184] Motion for Clarification previously posted on 7/4/2020.

2. Due to the ING Settlement the Receiver filed several motions withdrawing previously filed motions. Those pending motions were rendered moot and were no longer pertinent. 

3. On 2/25/2022 – The Court granted the motion to withdraw a motion the Receiver filed on 10/21/21 Order [Dkt. 221].

Docket [200] 10/21/2021 - The Receiver filed a Second Motion to Withdraw Previously Filed Motions which included: [Dkt. 176] - Receiver's Unopposed Motion for Approval of Interim Distribution Plan (Previously Posted 5/8/2020); [Dkt. 192] - Status Update and Unopposed Motion to Incur and Pay Expenses and to Initiate Litigation (Previously Posted 10/22/2020)

On 2/25/2022 -The Court granted the motion to withdraw a previous motion the Receiver filed on 1/4/2022 Order [Dkt. 224]. 

Docket [208] 01/04/2022 – The Receiver filed a Third Motion to Withdraw Previously Filed Motions which included: An Unopposed Motion to Appoint the National Futures Association as Monitor [Dkt. 167], Order Granting Unopposed Motion to Appoint the National Futures Association as Monitor [Dkt. #167-1], Order Granting Receiver’s Unopposed Motion for Approval of Interim Distribution Plan [176-1] and [Dkt. #178] Amended Proposed Order Granting Receiver’s Unopposed Motion for Approval of Interim Distribution Plan. (DKT 167 was previously posted on 3/27/2020) 

On 2/25/2022 - The Court granted the Receiver's Motions to Disburse fees and funds to the Receiver’s U.S. Counsel, Foreign Counsel, his paralegals and expenses incurred from August 2020 thru December 31, 2021. 

The corresponding motions and orders are posted on the Court Papers page.

Since the last status report was submitted to the Court on January 31, 2022, there has been significant activity. On March 3, 2022, the Receiver submitted an Interim Status Report, which can be viewed here and in the Court Papers section. The Interim Status Report references numerous court papers. It will take a bit of time to post all the papers and set-up the corresponding links.  Please continue to check this website over the next few days.

Thank you very much for your patience as we complete this very important task. 

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.     

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.   

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.   

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.  

The Dutch Public Prosecutor’s Office (the “DDPO”) requested the Receiver post a letter they emailed to investors. The letter can be viewed here, and in the Press Releases and Updates section.    Please continue to monitor this website. The next status update is due to the Court on July 31, 2021. If a significant event occurs prior to July 31, 2021, the Receiver will post a status update at that time. 

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.

The Receiver has recently filed an update with the Court which can be viewed here and here, and in the Court Papers section.
 

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.

It has come to our attention that some investors have received an email from someone claiming to be from the NFA, under the email address james@masterscn.com.  Be advised, we do not know who this person is and are not affiliated with him in any way.  If you receive an email from this address, please do not open it or respond to it.
 

Thank you,
 

Guy Hohmann, Receiver for the ProphetMax Receivership Estate

A series of articles have appeared in the press recently relating to the upcoming testimony of former ING CEO Ralph Hamers. In short, the Court of Appeal in The Hague has ruled that Mr. Hamers must appear in court to make a statement about the bank's facilitation of money laundering. These pieces were reported by the Dutch publications NRC Handelsblad, and der Volksrant, as well as Reuters. The Reuters piece also appeared on the New York Times website. The Receiver has written a response to Reuters and the New York Times.
 

The original pieces as well as the Receiver’s response can be viewed in the Press Releases & Updates section. 

In regards to updates, there is a lot of activity occurring.

On 05/11/2020, The Receiver and his team will be emailing a release form to complete and sign to all Investor Claimants with approved claims. At this time, the Receiver and his team will be requesting all Investor Claimants to confirm their contact information. 

Instructions,

Once the release form is received, please print, complete, sign (a wet signature) and email it or reply back to the receiver@prophetmaxreceivership.comemail address with confirmation of contact information including telephone contact numbers. Please complete this step within thirty (30) days by June 10, 2020. Note: If the release form is not received, please email the Receiver’s team at receiver@prophetmaxreceivership.com. 

To better understand the process, please read the following documents listed under “overview of recent filings”.  All court papers are also posted to the Court Papers page.

• Unopposed Motion to Appoint the National Futures Association (NFA) as Monitor and attached Order. 

• The Receiver filed an additional Proposed Order to Set Forth the Obligations, Rights and Responsibilities of the Receiver, the CFTC and the NFA.  The Receiver also filed an Agreed Order Granting an Unopposed Motion to Appoint the NFA as Monitor.

• Unopposed Motion for Approval of Interim Distribution Plan and attached Order. 

Overview of the recent filings:

1. On 3/27/2020, the Receiver filed an Unopposed Motion to Appoint the National Futures Association (NFA) as Monitor. The NFA will work with the Receiver and his team to distribute the first interim distribution checks.

2. On 04/12/2020, 04/13/2020, and 04/14/2020, The Receiver obtained default judgments against six Relief Defendants.

3. On 04/22/2020, The Court filed an Order to Set Forth Obligations, Rights and Responsibilities of Receiver, the CFTC and the NFA. 

4. On 5/4/2020, the Receiver filed an Agreed Order Granting an Unopposed Motion to Appoint the NFA as Monitor.  

5. On 05/08/2020, The Receiver filed an Unopposed Motion for Approval of Interim Distribution Plan. The Interim Plan and Order outlines the details of the interim distribution. 

Please read the following and if you have any questions, please email the Receiver at receiver@prophetmaxreceivership.com.

Due to the number of expected questions, please allow 7-10 days for a response. The Receiver has a very small staff assisting with answering questions. The staff is small to assist in keeping administrative fees low. 

On June 14, the Court held a telephonic hearing. The Court ruled on several very important motions:

IMPORTANT DATES:

No later than July 12th, 2022, the Receiver shall email the hearing Notice to all investor claimants.

August 26, 2022 – Any persons wishing to be heard shall file a response no later than this date. 

September 12, 2022- Hearing set at 09:30 a.m. 

A Hearing is set for September 12, 2022 at 09:30 a.m. on the Receiver’s

Amended Motion to Approve Settlement, to Ancillary Channeling and Bar Injunctions, and to Establish Distribution Procedures 

What the Notice Means:

The Notice officially notifies investor claimants of the proposed ING Settlement. The Investors will have the opportunity to object. The Notice sets a hearing date and outlines steps investors must take to object to the proposed settlement. If an investor objects, the Receiver has an opportunity to respond to the objections. Ultimately, the Court will decide to approve of the proposed settlement with ING. The Receiver is in the process of drafting a proposed ING Settlement Distribution Plan. He will submit it to the Court, as soon as the Court rules on the proposed Settlement.

NOTE: The ING Settlement funds will be sent to the Receiver in Euros. With the fluctuating exchange rates, it is now estimated that investor claimants will be receiving at 31 cents on the dollar.

ADDITIONAL FILINGS 

2022.06.14 Order on Receiver's Motion to Approve Notice Procedures and to Set Hearing.

2022.06.14 Notice

THIS IS THE MOTON SET FOR HEARING SEPTEMBER 12, 2022 at 09:30 a.m.

2022.06.14 Amended Motion to Approve Settlement, To Issue Ancillary Channeling and Bar Injunctions, and to Establish Distribution Procedures

NOTE:
2022.06.14 Appendix in Support of Amended Motion to Approve Settlement, To Issue Ancillary Channeling and Bar Injunctions, and to Establish Distribution Procedures

2021.12.29 Proposed Order on Motion to Approve Notice Procedures and to Set Hearing

In regards to updates, as previously stated, there is a lot of activity occurring. 

On February 25, 2022, the Court signed numerous orders.

Overview of the recent filings:

1. The Court Signed Order [Dkt. 214] Granting the Motion for Clarification – Note: [Dkt. 184] Motion for Clarification previously posted on 7/4/2020.

2. Due to the ING Settlement the Receiver filed several motions withdrawing previously filed motions. Those pending motions were rendered moot and were no longer pertinent. 

3. On 2/25/2022 – The Court granted the motion to withdraw a motion the Receiver filed on 10/21/21 Order [Dkt. 221].

Docket [200] 10/21/2021 - The Receiver filed a Second Motion to Withdraw Previously Filed Motions which included: [Dkt. 176] - Receiver's Unopposed Motion for Approval of Interim Distribution Plan (Previously Posted 5/8/2020); [Dkt. 192] - Status Update and Unopposed Motion to Incur and Pay Expenses and to Initiate Litigation (Previously Posted 10/22/2020)

On 2/25/2022 -The Court granted the motion to withdraw a previous motion the Receiver filed on 1/4/2022 Order [Dkt. 224]. 

Docket [208] 01/04/2022 – The Receiver filed a Third Motion to Withdraw Previously Filed Motions which included: An Unopposed Motion to Appoint the National Futures Association as Monitor [Dkt. 167], Order Granting Unopposed Motion to Appoint the National Futures Association as Monitor [Dkt. #167-1], Order Granting Receiver’s Unopposed Motion for Approval of Interim Distribution Plan [176-1] and [Dkt. #178] Amended Proposed Order Granting Receiver’s Unopposed Motion for Approval of Interim Distribution Plan. (DKT 167 was previously posted on 3/27/2020) 

On 2/25/2022 - The Court granted the Receiver's Motions to Disburse fees and funds to the Receiver’s U.S. Counsel, Foreign Counsel, his paralegals and expenses incurred from August 2020 thru December 31, 2021. 

The corresponding motions and orders are posted on the Court Papers page.

Since the last status report was submitted to the Court on January 31, 2022, there has been significant activity. On March 3, 2022, the Receiver submitted an Interim Status Report, which can be viewed here and in the Court Papers section. The Interim Status Report references numerous court papers. It will take a bit of time to post all the papers and set-up the corresponding links.  Please continue to check this website over the next few days.

Thank you very much for your patience as we complete this very important task. 

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.     

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.   

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.   

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.  

The Dutch Public Prosecutor’s Office (the “DDPO”) requested the Receiver post a letter they emailed to investors. The letter can be viewed here, and in the Press Releases and Updates section.    Please continue to monitor this website. The next status update is due to the Court on July 31, 2021. If a significant event occurs prior to July 31, 2021, the Receiver will post a status update at that time. 

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.

The Receiver has recently filed an update with the Court which can be viewed here and here, and in the Court Papers section.
 

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.

It has come to our attention that some investors have received an email from someone claiming to be from the NFA, under the email address james@masterscn.com.  Be advised, we do not know who this person is and are not affiliated with him in any way.  If you receive an email from this address, please do not open it or respond to it.
 

Thank you,
 

Guy Hohmann, Receiver for the ProphetMax Receivership Estate

A series of articles have appeared in the press recently relating to the upcoming testimony of former ING CEO Ralph Hamers. In short, the Court of Appeal in The Hague has ruled that Mr. Hamers must appear in court to make a statement about the bank's facilitation of money laundering. These pieces were reported by the Dutch publications NRC Handelsblad, and der Volksrant, as well as Reuters. The Reuters piece also appeared on the New York Times website. The Receiver has written a response to Reuters and the New York Times.
 

The original pieces as well as the Receiver’s response can be viewed in the Press Releases & Updates section. 

In regards to updates, there is a lot of activity occurring.

On 05/11/2020, The Receiver and his team will be emailing a release form to complete and sign to all Investor Claimants with approved claims. At this time, the Receiver and his team will be requesting all Investor Claimants to confirm their contact information. 

Instructions,

Once the release form is received, please print, complete, sign (a wet signature) and email it or reply back to the receiver@prophetmaxreceivership.comemail address with confirmation of contact information including telephone contact numbers. Please complete this step within thirty (30) days by June 10, 2020. Note: If the release form is not received, please email the Receiver’s team at receiver@prophetmaxreceivership.com. 

To better understand the process, please read the following documents listed under “overview of recent filings”.  All court papers are also posted to the Court Papers page.

• Unopposed Motion to Appoint the National Futures Association (NFA) as Monitor and attached Order. 

• The Receiver filed an additional Proposed Order to Set Forth the Obligations, Rights and Responsibilities of the Receiver, the CFTC and the NFA.  The Receiver also filed an Agreed Order Granting an Unopposed Motion to Appoint the NFA as Monitor.

• Unopposed Motion for Approval of Interim Distribution Plan and attached Order. 

Overview of the recent filings:

1. On 3/27/2020, the Receiver filed an Unopposed Motion to Appoint the National Futures Association (NFA) as Monitor. The NFA will work with the Receiver and his team to distribute the first interim distribution checks.

2. On 04/12/2020, 04/13/2020, and 04/14/2020, The Receiver obtained default judgments against six Relief Defendants.

3. On 04/22/2020, The Court filed an Order to Set Forth Obligations, Rights and Responsibilities of Receiver, the CFTC and the NFA. 

4. On 5/4/2020, the Receiver filed an Agreed Order Granting an Unopposed Motion to Appoint the NFA as Monitor.  

5. On 05/08/2020, The Receiver filed an Unopposed Motion for Approval of Interim Distribution Plan. The Interim Plan and Order outlines the details of the interim distribution. 

Please read the following and if you have any questions, please email the Receiver at receiver@prophetmaxreceivership.com.

Due to the number of expected questions, please allow 7-10 days for a response. The Receiver has a very small staff assisting with answering questions. The staff is small to assist in keeping administrative fees low. 

On June 14, the Court held a telephonic hearing. The Court ruled on several very important motions:

IMPORTANT DATES:

No later than July 12th, 2022, the Receiver shall email the hearing Notice to all investor claimants.

August 26, 2022 – Any persons wishing to be heard shall file a response no later than this date. 

September 12, 2022- Hearing set at 09:30 a.m. 

A Hearing is set for September 12, 2022 at 09:30 a.m. on the Receiver’s

Amended Motion to Approve Settlement, to Ancillary Channeling and Bar Injunctions, and to Establish Distribution Procedures 

What the Notice Means:

The Notice officially notifies investor claimants of the proposed ING Settlement. The Investors will have the opportunity to object. The Notice sets a hearing date and outlines steps investors must take to object to the proposed settlement. If an investor objects, the Receiver has an opportunity to respond to the objections. Ultimately, the Court will decide to approve of the proposed settlement with ING. The Receiver is in the process of drafting a proposed ING Settlement Distribution Plan. He will submit it to the Court, as soon as the Court rules on the proposed Settlement.

NOTE: The ING Settlement funds will be sent to the Receiver in Euros. With the fluctuating exchange rates, it is now estimated that investor claimants will be receiving at 31 cents on the dollar.

ADDITIONAL FILINGS 

2022.06.14 Order on Receiver's Motion to Approve Notice Procedures and to Set Hearing.

2022.06.14 Notice

THIS IS THE MOTON SET FOR HEARING SEPTEMBER 12, 2022 at 09:30 a.m.

2022.06.14 Amended Motion to Approve Settlement, To Issue Ancillary Channeling and Bar Injunctions, and to Establish Distribution Procedures

NOTE:
2022.06.14 Appendix in Support of Amended Motion to Approve Settlement, To Issue Ancillary Channeling and Bar Injunctions, and to Establish Distribution Procedures

2021.12.29 Proposed Order on Motion to Approve Notice Procedures and to Set Hearing

In regards to updates, as previously stated, there is a lot of activity occurring. 

On February 25, 2022, the Court signed numerous orders.

Overview of the recent filings:

1. The Court Signed Order [Dkt. 214] Granting the Motion for Clarification – Note: [Dkt. 184] Motion for Clarification previously posted on 7/4/2020.

2. Due to the ING Settlement the Receiver filed several motions withdrawing previously filed motions. Those pending motions were rendered moot and were no longer pertinent. 

3. On 2/25/2022 – The Court granted the motion to withdraw a motion the Receiver filed on 10/21/21 Order [Dkt. 221].

Docket [200] 10/21/2021 - The Receiver filed a Second Motion to Withdraw Previously Filed Motions which included: [Dkt. 176] - Receiver's Unopposed Motion for Approval of Interim Distribution Plan (Previously Posted 5/8/2020); [Dkt. 192] - Status Update and Unopposed Motion to Incur and Pay Expenses and to Initiate Litigation (Previously Posted 10/22/2020)

On 2/25/2022 -The Court granted the motion to withdraw a previous motion the Receiver filed on 1/4/2022 Order [Dkt. 224]. 

Docket [208] 01/04/2022 – The Receiver filed a Third Motion to Withdraw Previously Filed Motions which included: An Unopposed Motion to Appoint the National Futures Association as Monitor [Dkt. 167], Order Granting Unopposed Motion to Appoint the National Futures Association as Monitor [Dkt. #167-1], Order Granting Receiver’s Unopposed Motion for Approval of Interim Distribution Plan [176-1] and [Dkt. #178] Amended Proposed Order Granting Receiver’s Unopposed Motion for Approval of Interim Distribution Plan. (DKT 167 was previously posted on 3/27/2020) 

On 2/25/2022 - The Court granted the Receiver's Motions to Disburse fees and funds to the Receiver’s U.S. Counsel, Foreign Counsel, his paralegals and expenses incurred from August 2020 thru December 31, 2021. 

The corresponding motions and orders are posted on the Court Papers page.

Since the last status report was submitted to the Court on January 31, 2022, there has been significant activity. On March 3, 2022, the Receiver submitted an Interim Status Report, which can be viewed here and in the Court Papers section. The Interim Status Report references numerous court papers. It will take a bit of time to post all the papers and set-up the corresponding links.  Please continue to check this website over the next few days.

Thank you very much for your patience as we complete this very important task. 

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.     

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.   

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.   

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.  

The Dutch Public Prosecutor’s Office (the “DDPO”) requested the Receiver post a letter they emailed to investors. The letter can be viewed here, and in the Press Releases and Updates section.    Please continue to monitor this website. The next status update is due to the Court on July 31, 2021. If a significant event occurs prior to July 31, 2021, the Receiver will post a status update at that time. 

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.

The Receiver has recently filed an update with the Court which can be viewed here and here, and in the Court Papers section.
 

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here.

It has come to our attention that some investors have received an email from someone claiming to be from the NFA, under the email address james@masterscn.com.  Be advised, we do not know who this person is and are not affiliated with him in any way.  If you receive an email from this address, please do not open it or respond to it.
 

Thank you,
 

Guy Hohmann, Receiver for the ProphetMax Receivership Estate

A series of articles have appeared in the press recently relating to the upcoming testimony of former ING CEO Ralph Hamers. In short, the Court of Appeal in The Hague has ruled that Mr. Hamers must appear in court to make a statement about the bank's facilitation of money laundering. These pieces were reported by the Dutch publications NRC Handelsblad, and der Volksrant, as well as Reuters. The Reuters piece also appeared on the New York Times website. The Receiver has written a response to Reuters and the New York Times.
 

The original pieces as well as the Receiver’s response can be viewed in the Press Releases & Updates section. 

In regards to updates, there is a lot of activity occurring.

On 05/11/2020, The Receiver and his team will be emailing a release form to complete and sign to all Investor Claimants with approved claims. At this time, the Receiver and his team will be requesting all Investor Claimants to confirm their contact information. 

Instructions,

Once the release form is received, please print, complete, sign (a wet signature) and email it or reply back to the receiver@prophetmaxreceivership.comemail address with confirmation of contact information including telephone contact numbers. Please complete this step within thirty (30) days by June 10, 2020. Note: If the release form is not received, please email the Receiver’s team at receiver@prophetmaxreceivership.com. 

To better understand the process, please read the following documents listed under “overview of recent filings”.  All court papers are also posted to the Court Papers page.

• Unopposed Motion to Appoint the National Futures Association (NFA) as Monitor and attached Order. 

• The Receiver filed an additional Proposed Order to Set Forth the Obligations, Rights and Responsibilities of the Receiver, the CFTC and the NFA.  The Receiver also filed an Agreed Order Granting an Unopposed Motion to Appoint the NFA as Monitor.

• Unopposed Motion for Approval of Interim Distribution Plan and attached Order. 

Overview of the recent filings:

1. On 3/27/2020, the Receiver filed an Unopposed Motion to Appoint the National Futures Association (NFA) as Monitor. The NFA will work with the Receiver and his team to distribute the first interim distribution checks.

2. On 04/12/2020, 04/13/2020, and 04/14/2020, The Receiver obtained default judgments against six Relief Defendants.

3. On 04/22/2020, The Court filed an Order to Set Forth Obligations, Rights and Responsibilities of Receiver, the CFTC and the NFA. 

4. On 5/4/2020, the Receiver filed an Agreed Order Granting an Unopposed Motion to Appoint the NFA as Monitor.  

5. On 05/08/2020, The Receiver filed an Unopposed Motion for Approval of Interim Distribution Plan. The Interim Plan and Order outlines the details of the interim distribution. 

The Receiver recently posted an update which can be viewed here and in the Press Releases and Updates section.

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

ING Bank Settlement Distribution

It has come to our attention there has been a post on Facebook from one or more investors stating they had received a distribution as part of the ING Bank (ING”) settlement distribution.

The settlement agreement that was negotiated with ING allows ING to fund the settlement amount in three separate payments.

1. It further provides that once the first payment amount has been distributed to investors, I must then write ING to let them know the first payment has been distributed.

2. ING will then wire the Receivership estate a second payment amount to allow me) to continue issuing payments.

3. I expect to be writing ING and their counsel a letter either today or tomorrow indicating the first payment amount has been distributed.

Please keep in mind that the distribution process is being carried out primarily by my two paralegals with oversight from me. Since the initial email was sent notifying investors the distribution process was about to begin, they have been receiving dozens of emails each day. 

Many of those emails have taken considerable time to respond to and require my attention. An example would be where the investment was made through an entity and that entity ceased doing business years ago. In those circumstances, it is necessary to obtain additional documentation from the investors to confirm the investor was the 100% owner of the entity.

As part of the process of confirming the amounts of the ING settlement payment, my paralegals have discovered that a paralegal at my previous law firm, in some instances, when an investor had multiple claims, some individually and some though an entity, they were aggregated and put only in the individual’s name. These circumstances have also required further communications with the individual investor at issue.

As we have stated from the beginning, distributions will be issued on a rolling basis. I hope the above explanation helps everyone understand why this is a process. But rest assured, everyone that is on our approved claim list with whom we are still in contact, will be receiving a distribution from the ING settlement.

- Guy Hohmann
 Receiver for the IB Capital and ProphetMax Receivership Estates

We are in the process of emailing DocuSign envelopes. We will complete the process next week.

W-9 Form Update:

If you are a U.S. investor, when filling out the W-9s, we have noticed the DocuSign form requires you to populate line 2, even if you invested as an individual. If you invested as an individual, please populate line 2 with “N/A”.

If you invested in your individual capacity, please populate the boxes with your social security number (“SSN”).

If you invested through an entity, please populate the entity’s employer identification number (“EIN”). Whichever field you populate, please fill out the other fields with zeroes (0). Each field requires data in it. Fields cannot be blank.

We apologize for any inconvenience or confusion this may have caused.

As always, if you have any questions, please email the Receiver at receiver@prophetmaxreceivership.com.

Due to the number of expected questions, please allow 7-10 days for a response. The Receiver has a very small staff assisting with answering questions. The staff is small to assist in keeping administrative fees low. 

We are very pleased to announce the Orders for the ING Bank Settlement and The First Interim Distribution are final. 

Next Steps: 

The Receivership has 180 days to make distributions; we do not anticipate it taking the full 180 days. 

We are estimating there is a 4-6 six-week set-up time:

• signing contracts with the distribution agent, 

• creating DocuSign templates and 

• mailing various required paperwork within the DocuSign envelopes, 

• receiving the complete DocuSign envelopes back from the investor claimants, 

• validating the information, we received back from the investor claimants (addresses etc.)

• the distribution agent has to set up their process. 

• we have to coordinate our processes with the distribution agent. 

We estimate the DocuSign envelopes will be emailed in approximately 4-6 weeks.

Once we receive the returned DocuSign emails back, we anticipate approved investor claimants will receive distributions within 8 to 12 weeks

Due to ING Bank’s time constraints, the ING distribution will be made first. Then, we will begin making the first interim distributions. 

We hope this helps explain where we are in the process. 

As always, if you have any questions, please email the Receiver at receiver@prophetmaxreceivership.com. Due to the number of expected questions, please allow 7-10 days for a response. The Receiver has a very small staff assisting with answering questions. The staff is small to assist in keeping administrative fees low. 

On March 23, 2023 the Court held a telephonic hearing. The Court granted all motions in front of the Court. 

This includes:

The Receiver’s Motion to Approve Settlement with ING Bank, Issuing Channeling and Bar Injunctions, and Establishing Distribution Procedures and the Receiver's Unopposed Motion for Approval of First Interim Distribution Plan and Procedures.

Next steps: The clock has started on the 30-day appeal (waiting) period before the ING Bank Settlement, or the Motion for the First Interim Distribution Plan and Procedures will go into effect. Thirty days from March 23, 2023 falls on Sunday April 23, 2023.

If no appeals are filed, the Orders will become final and we can move forward with the distribution phase on APRIL 24th, 2023. 

The previously posted Receiver's Motion for Distribution Plan and Procedures for Approval of Disbursement of Funds to Approved Investor Claimants from the ING Bank Settlement and Receiver's Unopposed Motion for Approval of First Interim Distribution Plan and Procedures outlines the steps of the process.

As always, please read the following and if you have any questions, please email the Receiver at receiver@prophetmaxreceivership.com. Due to the number of expected questions, please allow 7-10 days for a response. The Receiver has a very small staff assisting with answering questions. The staff is small to assist in keeping administrative fees low. 

2023.03.23 Final Order approving ING Settlement, Issuing Channeling and Bar Injunctions, and Establishing Distribution Procedures – Will become final on April 23, 2023

2023.03.23 Receiver's Motion for Distribution Plan and Procedures for Approval of Disbursement of Funds to Approved Investor Claimants from the ING Bank Settlement -Will become final on April 23, 2023

2023.03.23 Receiver's Unopposed Motion for Approval of First Interim Distribution Plan and Procedures - Will become final on April 23, 2023

2023.03.23 Receiver's Motion for Approval to Pay Expenses of Existing Legal Counsel and to Retail Additional Counsel

2023.03.23 Receiver's First Amended Motion to Retain Receivership Accountant

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

Over the past few weeks, the Receiver has filed several important Court Papers. 

A summary of each is stated below.

Next steps: Once the Court reviews and grants the motions to disburse funds referenced below, there is a 30-day appeal (waiting) period before the ING Bank Settlement, or the Motion for the First Interim Distribution Plan and Procedures will go into effect. If no objections or appeals are made, the Orders will become final and we can move forward with the distribution phase.

As always, please read the following and if you have any questions, please email the Receiver at receiver@prophetmaxreceivership.com. Due to the number of expected questions, please allow 7-10 days for a response. The Receiver has a very small staff assisting with answering questions. The staff is small to assist in keeping administrative fees low.

November 2, 2022

Unopposed Motion for Disbursement of Funds for Approval of First Interim Distribution Plan & Procedures

This motion is separate from the motion to approve the prospective ING Bank Settlement. This is a disbursement of funds from funds the Receiver has previously recovered.

November 3, 2022 – Regarding pending ING Bank Settlement 

An Amended Motion to Approve Settlement, To Issue Ancillary Channeling and Bar Injunctions, and to Establish Distribution Procedures

During the hearing on September 12th, 2022, the Court requested an amended filing addressing the Court’s concerns regarding the prospective ING Bank Settlement. This motion addresses the Court’s concerns.

November 15, 2022 – Regarding ING Bank Settlement 

Receiver's Unopposed Motion for Distribution Plan & Procedures for Approval of Disbursement of Funds to Approved Investor Claimants from the ING Bank Settlement  

This motion outlines the distribution plan for the approved Investor Claimants from the ING Bank Settlement

November 14, 2022

Receiver's First Amended Motion to Retain Receivership Accountant

The Court requested a budget for the Receivership accountant and this amended motion includes the budget as an exhibit. 

 The Court held a hearing on September 12, 2022, on the Receiver’s Motion to Approve Settlement, to Issue Ancillary Channeling and Bar Injunctions and to Establish Distribution Procedures.

The Court requested the Receiver to contact ING’s counsel to request ING agree to make two modifications to the settlement agreement. The modifications include removing the requirement that investor claimants execute a document requiring that the investors waive their right to bring their own claims against ING as a prerequisite to receiving their portion of the ING settlement distribution.

In addition, the Court is requesting the Receiver to request ING Bank to establish a settlement account to hold US dollars and to fund future settlement payments from that account. This would bypass the EURO conversion rates that fluctuates daily. The settlement agreement presently calls for payments to be made in EUROS.

The Receiver is hopeful this process moves quickly and will post updates when known.

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. 

The Receiver has recently filed an update with the Court which can be viewed here, and in the Court Papers section.

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

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Customers have questions, you have answers. Display the most frequently asked questions, so everybody benefits.

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

On January 6, 2020, there was a meeting in Amsterdam with the Dutch Public Prosecutor’s Office (“DPPO”), ING’s counsel, the Receiver’s counsel, and the Receiver (by phone). An agreement was reached, in principal. The DPPO has agreed to lift their attachment on  the ING Accounts for any amounts in excess of 3 million EURO. In his capacity as Receiver, he will have to indemnify them if any other unknown claimants appear and make claims for those funds. ING Bank would then transfer the unattached funds to the Receiver (assuming their executives also agree to this proposal). Only their lawyers were present for the meeting.  ING will also have to provide the DPPO with some form of indemnity. ING’s counsel is drafting the proposed written agreements arising out of the meeting. The DPPO also indicated a path forward in connection with recovering approximately USD $7 million located in Cyprus. The Receiver will be proceeding down that path and reporting more fully on the meeting and a few other particulars in the status report due on 1/31/2020.

In regards to updates, there is a lot of activity occurring.

Overview of the recent filings:

1. On 12/02/2019, ING’s Counsel filed a Reply In Support of Emergency Motion to Stay or Vacate Turnover Order.

2. On 12/06/2019, ING’s Counsel filed Notice of Appeal of the Court’s Turnover Order.

3. On 12/09/2019, ING’s Counsel and the Receiver filed a Joint Motion Regarding Turnover Order. In this motion, ING and the Receiver agreed to vacate the Court’s Turnover Order

and ING agreed to dismiss its Notice of Appeal. ING and the Receiver have committed to try and resolve the issues between them within the next 30 days. If they are not successful in doing so, the parties agree they may proceed with their previous positions and filings.

4. A meeting has been scheduled for January 6, 2020 in Amsterdam between counsel for ING, representatives of the Dutch Public Prosecutor’s Office (“DPPO”) and the Receiver’s Dutch counsel. (The Receiver will participate via video or tele-conference as necessary.) The subject of the meeting is to discuss a potential lifting of all attachments on funds misappropriated from IB Capitol made by or at the request of the DPPO.

In regards to updates, there is a lot of activity occurring.

Overview of the recent filings:

1. On 12/02/2019, ING’s Counsel filed a Reply In Support of Emergency Motion to Stay or Vacate Turnover Order.

2. On 12/06/2019, ING’s Counsel filed Notice of Appeal of the Court’s Turnover Order.

3. On 12/09/2019, ING’s Counsel and the Receiver filed a Joint Motion Regarding Turnover Order. In this motion, ING and the Receiver agreed to vacate the Court’s Turnover Order

and ING agreed to dismiss its Notice of Appeal. ING and the Receiver have committed to try and resolve the issues between them within the next 30 days. If they are not successful in doing so, the parties agree they may proceed with their previous positions and filings.

4. A meeting has been scheduled for January 6, 2020 in Amsterdam between counsel for ING, representatives of the Dutch Public Prosecutor’s Office (“DPPO”) and the Receiver’s Dutch counsel. (The Receiver will participate via video or tele-conference as necessary.) The subject of the meeting is to discuss a potential lifting of all attachments on funds misappropriated from IB Capitol made by or at the request of the DPPO.

Overview of the recent filings:

1. On 09/20/2019, the Receiver filed an Original Complaint Naming Relief Defendants. The Relief Defendants that were named in the action are those persons or entities that received the approximately $30 million that was misappropriated from IB Capital.

2. On 10/28/2019, the Receiver instituted an action in the United Kingdom (“UK”) to have IB Capital and Maverick Venture Capital Holding Ltd restored to the Registrar of Companies in the UK in order to cure one of ING’s Bank’s (“ING”) stated objections to wiring to the Receiver, the funds referenced in paragraph 4 below. (Essentially, the companies had become dormant because they had failed to make certain required annual filings in the UK.)

3. On 11/08/2019, the Receiver and the CFTC filed a Joint Status Report.

4. On 11/08/2019, the Receiver filed a Motion for Turnover Order (the “Turnover Motion”) and Supplemental Relief, which was granted on 11/8/2019.  The subject matter of the Turnover Motion is approximately USD $7 million in accounts at ING.

5. Due to the sensitive nature of some of the material; the Receiver had to file it under seal. (As a consequence, we are unable to post to the website.)

6. On 11/15/2019, ING’s counsel filed an Emergency Motion to Stay or Vacate the Turnover Order.  

7. On 11/22/ 2019, the Receiver filed a Response to ING's Emergency Motion to Stay or Vacate the Turnover Order. 

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  
Please  continue to monitor this website. The Receiver will continue to post  any significant updates when he can. The Receiver welcomes any  questions; however, please know that the Receiver cannot give any  additional information aside from what has been posted here.  

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  
Please  continue to monitor this website. The Receiver will continue to post  any significant updates when he can. The Receiver welcomes any  questions; however, please know that the Receiver cannot give any  additional information aside from what has been posted here. 

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  

Please  continue to monitor this website. The Receiver will continue to post  any significant updates when he can. The Receiver welcomes any  questions; however, please know that the Receiver cannot give any  additional information aside from what has been posted here. 

We have recently posted a copy of the Receiver’s Complaint Naming Relief Defendants which was filed on September 20, 2019. We delayed posting it to the website, in order to minimize the likelihood the defendants would become aware of its filing and try and evade service of process. 

 09/30/2019 Judgment from the Court of Appeal at The Hague  in connection with the Receiver’s Notice of Complaint  against the ING settlement. (This proceeding was previously referenced in paragraphs 8-10 of the Receiver’s 07/31/2019 Status Report.)

Original here.  Office English translation here.  

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  

Please  continue to monitor this website. The Receiver will continue to post  any significant updates when he can. The Receiver welcomes any  questions; however, please know that the Receiver cannot give any  additional information aside from what has been posted here. 

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  

Please  continue to monitor this website. The Receiver will continue to post  any significant updates when he can. The Receiver welcomes any  questions; however, please know that the Receiver cannot give any  additional information aside from what has been posted here. 

The Receiver would like to share the following article:

On February 20, 2019, nrc.nl published an online article “Enthusiastic investors hit ING with money laundering” authored by Camil Driessen. The article describes the Receiver’s objection to the recent $900 million settlement between the Dutch state and ING Bank. The primary basis of the objection is that defrauded investors in the I.B. Capital/ProphetMax fraud should be compensated for their losses, as they are the true victims of ING’s violations of the Money Laundering and Terrorists Financing (Prevention) Act. The Receiver’s Dutch counsel (Jurgen de Korte) is quoted in the article.

https://www.nrc.nl/nieuws/2019/02/20/opgelichte-beleggers-slaan-ing-met-witwasschikking-om-de-oren-a3654829?fbclid=IwAR2hXi_tuHrqeNBeCT3UEwuU3cTD3T-Uw_AiJQrJZgr5egCqapEPaqyJV0g

The article can be downloaded in English here.  

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

Customers have questions, you have answers. Display the most frequently asked questions, so everybody benefits.

 
The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  

Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, please know that the Receiver cannot give any additional information aside from what has been posted here. 

 

The Receiver has recently filed an update with the Court which can be viewed here and in the Court Papers section.  The update can be summarized as follows: 

          * As previously reported in the ProphetMax and IB Capital cases, the vast majority of the funds traceable to the ProphetMax fraud is being held in the Netherlands. These funds are not in the Receiver's possession but have been frozen in the Netherlands until the resolution of their criminal proceedings against IB Capital Defendants and principals Emad Echadi and Michel Geurkink. 


          * The funds that the Receiver originally recovered have been held since their recovery and will be distributed to investors at a future point (less Receiver's and attorney's fees incurred which can always be viewed in the Receiver's fee applications that are posted in the Court Papers section.)  HOWEVER, as the investors are aware, this amount has always represented a small amount of the money that was fraudulently obtained in connection with the ProphetMax fraud. A distribution of those funds will be expensive and only compensate investors for a very small percentage of their investment. 

          *  The majority of funds that have been recovered are frozen in the Netherlands, and it has long been the hope and goal of the Receiver and the CFTC that those funds will be repatriated to be included in one distribution, which would make investors nearly whole. 

          * While the Receiver and the CFTC have been in communication with the Dutch authorities for years, they have no control over the Dutch proceedings and the funds being held. The Dutch proceedings have been moving very slowly, and the IB Capital Defendants recently hired new counsel, which will further delay the proceedings. 

          * The Receiver continues to weigh the benefit of conducting a distribution with funds originally obtained by him, taking into account the relatively small amount of those funds in comparison to the funds that are held in the Netherlands. Given the cost of a distribution, it has long been and remains his preference to make one distribution if and when the Dutch funds are released, but he will ultimately distribute the funds that are in his possession whether or not the Dutch funds are released.  While this does delay a distribution, very little attorneys' fees are being incurred in connection with the delay and monitoring of the proceedings. Again, the delay is simply in hopes that the Dutch funds will soon be repatriated, although the Receiver has no control over the Dutch proceedings and thus difficulty estimating when and if a repatriation will occur. 

          * In the meantime, the Receiver is currently analyzing a potential claim against ING Bank, which is being investigated by Dutch authorities in connection with money laundering and other international corruption charges. The results of such potential litigation could be that the Receiver recovers an additional, significant amount of money, which (as opposed to the funds that are frozen in the Netherlands) the Receiver could immediately distribute to investors. The downside to potential litigation is that it may take many months or years, although the Receiver would hope that a significant settlement could be reached within months. The significant upside to this litigation is that the Receiver and his counsel would be funded on a contingency fee basis by a third party, at absolutely no cost whatsoever to investors. 

 Please continue to monitor this website. The Receiver will continue to post any significant updates when he can. The Receiver welcomes any questions; however, however, please know that the Receiver cannot give any additional information aside from what has been posted  here. 
 

Investors, While we have continued to respond to individual investor inquiries, we know that it has been some time since we have provided an update to the website.  We genuinely understand your frustration at the length of time it is taking to conduct our distribution.  We, too, are anxious to wrap up this case.  Moreover, we have good reason to believe that investors will receive a significant recovery in this case – unusual for a fraud of this nature – and would love to get there.  The distribution is the ultimate goal and the fun part for us, and we understand that it is the critical part for investors. The Receiver is still prepared to conduct a distribution of funds currently in his possession as planned.  However, each distribution is expensive, which incentivizes us to wait for all funds to be in the same pot and conduct just one distribution.  That is particularly the case here where (1) there are thousands of investors, many of whom are located overseas, and (2) we have a quasi-governmental agency that has agreed to conduct one (but likely not more than one) distribution at no cost to the Receivership Estate. 

The CFTC recently facilitated the entry of a Consent Order of Permanent Injunction, Monetary Penalty and Other Equitable Relief against the IB Capital Defendants Emad Echadi and Michel Geurkink (available here).  Pursuant to the Consent Order the IB Capital Defendants have agreed to payment of civil monetary penalties as well as restitution totaling $35 million dollars.  It is likely that the restitution payments will be made in part with funds held in the Netherlands, and through their agreement with the terms of the Consent Order, the IB Capital Defendants would not oppose repatriation of the funds to the United States.  The restitution judgment exceeds figures we have previously been quoted regarding the total amount of funds frozen, and we are uncertain what the final total of funds to be repatriated will be.  However, we still believe it is very likely that a significant amount of the funds will be repatriated.  We would like to ensure that those funds are distributed on a pro-rata basis (proportionally in connection to the amount of the investor’s loss) to all investors in the US and abroad, and have a duty as court-appointed Receiver to advocate for this.  We would also like to distribute those funds at once with the funds we currently have for the reasons mentioned above.  We are working with authorities overseas to accomplish this, but multiple layers of domestic and international governments, confidentiality, and criminal and civil investigations have unfortunately meant that things move slowly.  

The Receiver originally estimated that the Dutch proceedings would continue into 2017, and while the timeline seems long and the Receiver had hoped a significant distribution would occur earlier, it looks like the distribution will coincide closely with original estimates of the conclusion of the Dutch proceedings. We understand that investors have been involved in a scam already, and are leery of the Receivership’s moving target.  However, we can assure you that we are doing our best to sort through the fallout of a complex, international fraud, in order to get as much of the funds as we can back to investors as efficiently and quickly as possible. 

Thank you as always for your patience, The Receivership Team 

As the recently filed updates from both the CFTC and Receiver note (see "Court Papers"), negotiations with Emad Echadi and Michel Guerkink (the IB Capital defendants) and foreign agencies are ongoing. It is the hope of the Receiver and CFTC that current negotiations will result in the transfer of funds recovered in connection with the IB Capital matter, which will then be available for distribution to investors by the Receiver. Although the Receiver is unfortunately unable to give either a definite timeline or an exact amount to be transferred, the Receiver is hopeful that the amount will allow investors to recover a significantly greater amount given the total amount of claims currently on record.  Because of the international nature of this matter and the complexities associated with cooperation, transfer of information, and approval of agreements among several governmental agencies, the Receiver anticipates that it will be at least a few months before he has more concrete information. However, as previously noted, the Receiver feels strongly that a single distribution of all funds through the NFA - including those he anticipates being repatriated as a result of current negotiations - is in the best interest of investors. The Receiver and his team always welcome any questions you may have, which should be directed toward keria@hbslawyers.com; however, please know that the Receiver cannot give any additional information regarding an anticipated timeline for distribution at this time aside from what has been posted here. 

Investors, The Receiver is happy to share that the Claims Process has been finalized.  At this time, we have returned Claim Determinations to all investors who submitted a claim, and have discussed all objections with those few who had one. PLEASE NOTE that all investors who submitted a claim should have received a Claim Determination at this time.  IF YOU BELIEVE YOU HAVE A VALID CLAIM AND HAVE NOT YET SUBMITTED A CLAIM FORM AND/OR RECEIVED A CLAIM DETERMINATION, PLEASE CONTACT THE RECEIVER IMMEDIATELY AT keria@hbslawyers.com.  If you believe you have not received a Claim Determination, please review your records carefully to be sure you have not overlooked it before contacting the Receiver.  Pursuant to the Receiver’s recent update, the Receiver hopes to conduct one, final distribution of funds in the next few months.  The Receiver anticipates that he will have more information regarding the availability of additional funds soon, and will only delay his distribution as long as additional funds reliably appear to be available for distribution in the next few months.  If you have moved since you submitted your claim to the Receiver during the Claims Process, please send the Receiver your most updated address.  To avoid delay, PLEASE ONLY SEND YOUR ADDRESS IF IT HAS CHANGED since you submitted your claim. Thank you again for your patience, and please continue to review the ProphetMax Receivership website for updates. See Court Papers for all filings.

Sincerely, The ProphetMax Receivership Team   

As most of you are aware, the Receiver is currently winding up the Claims Process. Most investors have received a Claim Determination and been in touch with the Receiver if the final amount of their claim, as determined by the Receiver, is in dispute. Because there are a handful of investors who have not yet received a Claim Determination, all investors will have until February 10, 2016, to object to their Claim Determination. Per above, please do not be concerned if you have not yet received a Claim Determination. Once the Receiver believes he  has made and sent a determination regarding all investors' claims (which will most likely occur in the next two weeks), he will post an update. If you have submitted a Claim and not received a Claim Determination at the time the update is posted, you should contact the Receiver. Contact information will be contained in that notice. 

Recently, the U.S. Commodity Futures Trading Commission ("CFTC") filed an ancillary matter in Judge Yeakel's court against IB Capital alleging violations of the Commodity Exchange Act. The CFTC's Complaint for Permanent Injunction, Civil Penalties, and other Equitable Relief can be found here. On January 15, 2016, the Court entered an Order enjoining IB Capital and its principals Michel Guerkink and Emad Echadi (the "Defendants") from engaging in certain trading activity. The Order also appointed Guy Hohmann as Receiver to take control of Defendants' assets, and requires that Defendants' assets be repatriated to the Receiver. The Court's Order is available in Court Papers. There is a strong possibility that the matter against IB Capital will result in the repatriation of approximately $17 million in funds that will be made available for distribution. While more information regarding that matter and the relief requested should be available in the coming months, the Receiver will likely place the pending claims process on hold for a short amount of time in the event one, larger distribution is soon a possibility. As always, please feel free to contact the Receiver's Team should you have any questions.    

pleading: UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF TEXAS, AUSTIN DIVISION United States Commodity Futures Trading Commission v. Senen Pousa, Investment Intelligence Corporation d/b/a ProphetMax Managed FX, Joel Friant, Michael Dillard, and Elevation Group, Inc., Civil Action No. A-12-CV-0862-LY COURT-APPROVED NOTICE OF CLAIMS BAR DATE  THIS NOTICE MAY AFFECT YOUR LEGAL RIGHTS.  PLEASE READ IT CAREFULLY.  Dear Claimant: On September 18, 2012, the United States District Court for the Western District of Texas, Austin Division (the “Court’) entered a Statutory Restraining Order (“Order”) appointing Guy M. Hohmann to serve as the Receiver for the assets of Defendants Senen Pousa, Investment Intelligence Corporation d/b/a ProphetMax Managed FX, and Joel Friant (collectively, the “Receivership Defendants”), including the assets of Defendants’ respective affiliates and subsidiaries (the “ProphetMax Receivership Estate” or “Estate”).  On August 11, 2015, the Court entered an ORDER that authorized the Claims Process, set the Bar Date and authorized certain notice procedures in regard to the Claims Process and the Bar Date. You are receiving this Notice because our records indicate you may hold a claim against the Receivership Defendants.  Receiving this Notice does not mean that you hold a claim.              

NOTICE IS HEREBY GIVEN that all investor victims of the ProphetMax fraud with potential claims for recovery of membership fees and/or investment amounts (“Investors”) from the ProphetMax Receivership Estate should file their claim with the Receiver so that it is actually uploaded and submitted on the Receiver’s online claim system (http://www.prophetmaxreceivership.com/Claim_Form_2.html) by 11:59 p.m. (prevailing Central Time) on October 27, 2015 (the “Bar Date”).  All claims should be filed electronically with the Receiver on the Receiver’s online claim system. Individuals or entities that believe they have good cause to either extend the Bar Date or to submit their claim by means other than the Receiver’s online system should contact the Receiver at receiver@prophetmaxreceivership.com, or by letter postmarked no later than 30 calendar days prior to the Bar Date to request this relief, which relief may be granted in the Receiver’s sole discretion.  Investors wishing to file a claim who do not have internet access may contact the Receiver by sending a letter to ProphetMax Receivership, c/o Guy Hohmann, 210 Barton Springs Rd., Suite 250, Austin, Texas 78704. 

Dear Investors:   The Receiver would like to update you on recent developments. On August 7, 2015, the Receiver filed a Motion for Approval of Claims Process and Bar Date (available in Court Papers here.) Upon approval by the Court, the Receiver will provide Notice of the Claims Process to all Investors and the Claim Form will become active. As indicated in the Motion, the Claims Process will allow you to submit your claim electronically through this website as well as to upload all relevant documentation to support your claim.  Once the Motion is approved and the Claims Process begins, it will continue for a total of 75 days.  

Dear Investors, The Receiver would like to update you on a few recent, positive developments related to the ProphetMax Fraud and provide an anticipated timeline moving forward. On 6/25, the Receiver posted an application by the Liquidator to the Supreme Court of Queensland providing analysis as to why, in the Liquidator’s view, Australia’s proportionate liability scheme should be applied to investors.  As discussed in Receiver’s 6/25 update, if proportionate liability was applied to investors it would have reduced investors’ recovery significantly.  The Liquidator’s application can be viewed [here].  After the Liquidator’s application was filed, the Receiver, CFTC and SEC made multiple communications to the Liquidator and Supreme Court of Queensland in an attempt to prevent the court from holding investors proportionately liable for the ProphetMax Fraud and so protect their recovery.  The SEC hired Australian counsel to further represent its views on these issues.  The Australian Securities and Investments Commission also intervened in the proceedings, and took the position that proportionate liability should not apply to investors.  

 

On September 5, 2014, Justice Byrne ruled that investors would not be held proportionately liable for the ProphetMax Fraud, which will increase the investors’ recovery from the Australian liquidation.  Justice Byrne’s order can be viewed [here]. Since Justice Byrne’s ruling, the Receiver has learned that the Liquidator currently plans to conduct a distribution to investors prior to the end of 2014.  In connection with the Liquidator’s distribution, please see the Liquidator’s Report to Creditors dated October 31, 2014, available [here].  In the report, the Liquidator discusses Judge Byrne’s recent order, upcoming distribution plans, and instructions regarding proof of claims.  It is the Receiver’s understanding that the Liquidator must receive all proofs of claim on or before November 20, 2014 in order for the claims to be considered.  If you wish to enter a proof of claim with the Liquidator, please ensure that you have done so by that date.  Please contact Jennifer Huynh with Hall Chadwick, rather than the Receiver, should you have any questions regarding the Liquidator’s distribution.  Unfortunately, the Receiver has no detailed information regarding the Liquidator’s distribution or whether the Liquidator has received any individual investor’s proof of claim. Finally, the Receiver is aware that technical issues caused intermittent inability to access this website in recent weeks.  While the technical issues have been resolved, the Receiver sincerely apologizes if any investor recently attempted to visit the site while it was down.  

Sincerely, Guy M. Hohmann Receiver for the ProphetMax Receivership Estate 

The Liquidator has asked the Receiver to post his most recent application to the Australian court (the “Application”), in which he requests the court’s input on issues related to an interim distribution of the funds in his possession, including: (1) whether investors are owed reimbursement for the entire amount of their membership fees; (2) to what extent Australia’s proportionate liability scheme should be applied to reduce IIC’s liability (and amounts to be repaid) to investors; and (3) the proper way to provide notice to investors regarding amounts to be paid to them.  The Application can be found in Court Papers. Please feel free to reach out to the Receiver with general questions about the Application - however, as the Receiver was not involved in the drafting of the Application nor the Australian proceedings, the Liquidator will best be able to answer any questions you may have.  

We have recently been receiving questions regarding the Liquidator of Investment Intelligence Corporation, including how he can be contacted.  Below is a helpful excerpt from the U.S. Commodity Futures Trading Commission’s and U.S. Securities and Exchange Commission’s Joint Status Update to the Victims of the ProphetMax Fraud, filed with the court and posted on our website in September:  Status of Related Proceedings in Australia.   At the request of the Agencies, ASIC provided the following update on the status of related proceedings in Australia: “ASIC has been investigating Investment Intelligence Corporation and Senen Pousa and on 26 July 2012, ASIC obtained interim orders, by consent, in the Queensland Supreme Court over $3,092,799 held by St George Bank and $313,136 held by American Express Australia in the accounts of Investment Intelligence. ASIC subsequently sought order from the Court to have Investment Intelligence wound up, but prior to the trial of the proceeding, on 31 May 2013, Mr. Pousa appointed Blair Pleash and Richard Albarran of Hall Chadwick as administrators of Investment Intelligence. On 7 June 2013 ASIC filed an application to have the administration terminated and PricewaterhouseCoopers appointed as provisional liquidators of Investment Intelligence. On 12 June 2013 the Court made orders that the administration be terminated and that Mr. Pleash of Hall Chadwick be appointed as a provisional liquidator of Investment Intelligence. Hall Chadwick were subsequently appointed as liquidators of Investment Intelligence on 19 June 2013 after a creditor had Investment Intelligence wound up on the grounds of insolvency. Investment Intelligence Corporation Pty Ltd Creditors of Investment Intelligence Corporation Pty Ltd should contact Hall Chadwick [http://www.hallchadwick.com.au/media-releases/investment- intelligence-corporation-pty-ltd]. ASIC's investigation is continuing.” 

Though the Agencies cannot provide you with legal advice, all victims should consider submitting their claims for return of their misappropriated funds to the Australian liquidator.  This will help ensure that your losses are properly recorded and considered in the Australian proceedings.  See U.S. Commodity Futures Trading Commission’s and U.S. Securities and Exchange Commission’s Joint Status Update to the Victims of the ProphetMax Fraud, pages 5-6.   The letter from the agencies also included the Australian Liquidator’s July 24, 2013 letter and claim form in its Exhibit “A.”  Although the Receiver cannot provide legal advice, he has also suggested that investors submit their claims to the Australian Liquidator and continues to do so.  Any questions specific to the Liquidator’s receipt of claims should be directed to the Liquidator at the link provided by ASIC above. 

Investors, We would like to give you a brief update regarding the Receiver’s efforts throughout the past few months and his plans moving forward.  As you may recall, the Receiver was beginning preparations for a distribution last summer.  Around that time the Liquidator was appointed in Australia, which raised certain questions including how best to go about the Receiver’s and Liquidator’s claims processes and distributions.  Since his appointment the Receiver has been working with the Liquidator to reduce duplication of efforts where possible, and it was our hope that the Liquidator and Receiver would be able to conduct a joint distribution, thereby reducing the costs associated with the claims approval process and distribution itself.  However, it is our understanding at this point that the laws applicable to the Liquidator will prevent him from participating in our claims and distribution processes.  Nevertheless, the United States Commodity Futures Trading Commission (“CFTC”) has been working with the National Futures Association (“NFA”), which will most likely conduct the distribution(s) to investors at no charge. 

At this stage the Receiver is prepared to move the Court to approve a claims approval and distribution process, and sincerely hopes to be able to conduct a distribution in the near future.  However, an important outstanding matter remains involving funds held by an entity overseas, which the Liquidator and Receiver both believe should be remitted to their respective estates.  The Receiver most recently proposed the funds be split 50/50 with the Liquidator, and received a counteroffer of a 90/10 split in favor of the Liquidator.  Not only does the Receiver view the Liquidator’s counteroffer to be unreasonable, he also has concerns that such a split would constitute a violation of his fiduciary duties given that the Liquidator represents a more broad group of constituents than the Receiver.  The Receiver has been working diligently with the Liquidator and also the CFTC, Securities Exchange Commission, and directly with the entity holding the funds to resolve the matter, but may be required to institute litigation against the entity to recover the funds.  The Receiver and Hohmann, Taube & Summers have opened a separate matter dedicated to recovery of the funds, and the Receiver and his counsel have discounted their rates by 50% for fees incurred pursuing that litigation.  It is the Receiver’s goal to obtain resolution regarding the funds prior to conducting a distribution in the event the Receiver obtains additional funds for the Receivership Estate, as he hopes to conduct only one distribution.  

As a related matter, the Receiver would like to clarify that the Liquidator and Receiver are in fact engaging in separate claims approval and distribution processes.  Therefore, investors should anticipate providing the Receiver with information in addition to and separately from any information sent to the Liquidator.  The Receiver will let investors know when, where, and what to send his team as the time for a distribution nears, but nothing is needed at this time. 

Thank you for your patience, and as always, please feel free to contact us if you have any questions.  We will continue to update our website and Facebook page with any significant updates, and ask that you monitor the website regularly in the coming months as the Receiver begins to prepare for a distribution. 

Please see the links below to documents recently received from the IIC Liquidator in Australia.  The links consist of: (1) a notice of the Liquidator’s meeting of creditors, to be webcast from Brisbane, Australia next Thursday, December 19 at 10:00 am (various local date and time conversions are listed in the notice); (2) an appointment of proxy form for voting purposes; (3) a formal proof of debt or claim form; and (4) a committee of inspection nomination form.  It is our understanding that investors must submit the Formal Proof of Debt or Claim form to IIC@hallchadwick.com.au at least 24 hours before the creditors’ meeting to be eligible to vote on any resolutions raised in the meeting.  It is also our understanding that investors will be given additional time to submit the form for determination of individual losses and claim amounts in the Australian proceedings, but we continue to suggest that investors submit their proof of claim form to the Liquidator as soon as possible, and list all losses (including ProphetMax membership fees and investment amounts that have not been returned).  

To the extent you have specific questions regarding the voting process, appointment of proxy form, committee of inspection nomination form, or proof of debt or claim form, we recommend you direct those questions to the Liquidator.  The Liquidator has suggested that all questions, either related to the forms or general questions to be addressed during the creditors’ meeting, should be sent to iicmeeting191213@hallchadwick.com.au at least 24 hours before the creditor's meeting.  All forms other than the Formal Proof of Debt of Claim form should also be sent to iicmeeting191213@hallchadwick.com.au. It is our understanding that investors must register at the following link to participate in or view the webcast:  http://events.knowledgevision.com/staging/MELB_HALL_CHADWICK.html.  Also, it is our understanding that in addition to submitting proofs of claim, investors must register at the following link to be eligible to vote: https://www.polleverywhere.com/register?p=2m5rx-1jtd&pg=ED8pHGy.  The Liquidator has posted both links on the left-hand side of his website: http://www.hallchadwick.com.au/iic.  

We have received a number of messages from investors that they have not received a response from the Liquidator to questions related to proving claims and/or filling out the proof of debt or claim form; the Receiver will request that the Liquidator address this issue in the creditors’ meeting, and again suggests that any specific questions are sent to the Liquidator prior to the creditors’ meeting. 

Sincerely, Guy Hohmann, Receiver for the ProphetMax Receivership Estate 

Links:   (1) a notice of the Liquidator’s meeting of creditors, to be webcast from Brisbane, Australia next Thursday, December 19 at 10:00 am (various local date and time conversions are listed in the notice);  (2) an appointment of proxy form for voting purposes; (3) a formal proof of debt or claim form; and (4) a committee of inspection nomination form.  

On September 18, 2012, the U.S. Commodity Futures Trading Commission filed a complaint in the United States District Court for the Western District of Texas, Austin Division, against Senen Pousa, Investment Intelligence Corporation, dba ProphetMax Managed FX, Joel Friant, Michael Dillard, and Elevation Group, Inc. 

The Commission’s complaint alleges violations of federal commodities laws relating to a fraudulent scheme that solicited clients to provide Investment Intelligence Corporation with discretionary authority to engage in leveraged foreign currency transactions on their behalf with IB Capital FX, LLC, an offshore counterparty purportedly operating from offices in New Zealand.  To view a copy of the complaint, click here.  Also on September 18, 2012, the Commission filed a Motion for Ex Parte Restraining Order, Order for a Temporary Receiver, and Order to Show Cause Re: Preliminary Injunction in this same lawsuit. In response to the Commission’s complaint and motion, the court entered a Statutory Restraining Order (“Order”) on September 18, 2012 to freeze certain assets and appoint Guy Hohmann as the Receiver for all the assets and records of Senen Pousa, Investment Intelligence Corporation, dba ProphetMax Managed FX and Joel Friant (“Defendants”), including the assets and records of Defendants’ affiliates or subsidiaries. (Collectively, Defendants and their assets and records as described above are referred to as the “ProphetMax Receivership Estate”.) 

The court’s Order includes prohibitions and directives on a variety of matters concerning the ProphetMax Receivership Estate. For example, the Order includes the following general provisions: The Receiver is directed to, among other things, take exclusive custody, control, and possession of all funds, property, and other assets (“Assets”) in the ProphetMax Receivership Estate, and to preserve, hold, and manage such Assets to preserve their value and prevent loss, damage or injury to Defendants’ customers or clients. Defendants and their agents are restrained and enjoined from transferring, selling, dissipating, or otherwise disposing of any Assets. Financial institutions are directed to prohibit Defendants or any other person from transferring, selling, dissipating, or otherwise disposing of any Assets. Financial institutions are also directed to assist the Receiver and cooperate in his efforts to identify and obtain such Assets. Defendants and all other persons or entities are generally prohibited from taking any legal or other action to establish or enforce any claim, right, or interest in the name of Defendants, the Receiver or his agents, or any Asset. Defendants and all other persons or entities who receive notice of the SRO are restrained and enjoined from directly destroying, mutilating, erasing, altering, concealing or disposing of, in any manner, directly or indirectly, any  documents that relate to the business practices or business or personal finances of the Defendant. Receiver and representatives are immediately allowed to inspect the books, records and other documents of the Defendants and their agents including, but no limited to, electronically stored data, tape recordings and computer discs. Defendants and their agents, servants, employees, attorneys, and person in active concert or participation with them who receive notice of the SRO shall fully cooperate with the Commission to locate and provide to the Receiver all books and records of Defendants, wherever situated. 

The Order also contains a substantial number of other prohibitions and directives concerning the ProphetMax Receivership Estate. To view a copy of the Order, click here.  On September 18, 2012, the court also entered a Consent Order of Permanent Injunction and Other Statutory and Equitable Relief Against Defendants Michael Dillard and Elevation Group, Inc. (“Consent Order”). To view a copy of the Consent Order, click here.  Additional information will be posted on this website as it becomes available. To open the links above, you will need Adober Reader, a program that can be obtained at http://get.adobe.com/reader/ 

Related Links :

http://www.cftc.gov/PressRoom/PressReleases/pr6353-12

http://www.facebook.com/#!/prophetmax.receivership 

http://www.asic.gov.au/asic/asic.nsf/byheadline/12-175MR+ASIC+freezes+suspect+funds+held+by+unlicensed+financial+mentoring+company 

http://www.om.nl/actueel/nieuws-persberichten/@159998/investigation-into/