Distributions

 
  Rate Date
Criminal Restitution 0.2% November 10, 2010
First Interim Distribution 1.6% November 10, 2010
Second Interim Distribution 0.7% August 2, 2011
Third Interim Distribution 1.0% March 28, 2012
Fourth Interim Distribution (NRP/Western) 0.8% May 7, 2012
Fifth Interim Distribution 1.2% June 10-12, 2013
Sixth Interim Distribution 0.7% January 24, 2014
Seventh Interim Distribution 0.7% December 18, 2014
Total 6.9%  
 




 

Seventh Interim Distribution


On December 18, 2014, the Court entered an Order Approving the Seventh Interim Distribution. This distribution of $1,001,000.00 translated to 0.7 cents paid out for every dollar lost to Cook’s fraud, bringing the total median distribution rate to approximately 6.9%. The checks for this distribution were mailed on or about December 19, 2014.
 

Sixth Interim Distribution


On January 16, 2014, the Court entered an Order Approving the Sixth Interim Distribution. This distribution of approximately $1 million, which was made on a pro rata basis based on each claimant's Recognized Claim Amount, translated to 0.7 cents paid out for every dollar lost to Cook's fraud, bringing the total median distribution rate to approximately 6.2 cents for every dollar lost to the fraud.  The checks for this distribution were mailed on or about January 24, 2014.

 

Fifth Interim Distribution


On June 7, 2013, the Court entered an Order Approving the Fifth Interim Distribution. This distribution of approximately $1.7 million, which was made on a pro rata basis based on each claimant's Recognized Claim Amount, translated to 1.2 cents paid out for every dollar lost to Cook's fraud, bringing the total median distribution rate to approximately 5.5 cents for every dollar lost to the fraud.1  The checks for this distribution were mailed on or about June 10, 11, and 12, 2013.


1Several investors voluntarily opted out of the Fourth Interim Distribution, which distributed the proceeds from the Receiver's settlement with NRP and Western. The pro rata rate for those investors as of the Fifth Interim Distribution is 4.7 cents per dollar lost. The pro rata distribution rate for these investors will always be 0.8% below the median recovery rate for all other claimants.

 

Fourth Interim Distribution – Proceeds from NRP and Western Settlements


On January 20, 2012, the Court entered an Order in the civil cases of SEC v. Cook, CFTC v. Cook, and SEC v. Beckman approving the Receiver's Settlement Agreement with Western International Securities, Inc., and on March 23, 2012, the Court entered an Order approving the Receiver’s Settlement Agreement with NRP Financial, Inc. 

On March 23, 2012, the Court entered an Order Approving the Distribution of Proceeds from the Settlements with Western and NRP.  The distribution of the NRP and Western settlement funds, which was made on a pro rata basis based on each claimant’s Recognized Claim Amount, translated to 0.8 cents paid out for every dollar lost to Cook’s fraud and brought the total median distribution rate to approximately 4.3 cents for every dollar lost to the fraud. The checks for this distribution were mailed on May 7, 2012. 

Investors who cash these checks release any claims they may have had against Western and/or NRP stemming from this Ponzi scheme.  Additional information about the Receiver’s Settlement Agreements with Western and NRP, including the details of release of claims, can be found here.

 

Third Interim Distribution


On February 24, 2012, the Court entered an Order in the civil cases of SEC v. Cook, CFTC v. Cook, and SEC v. Beckman approving the Receiver’s partial settlement with the FINRA Claimants and authorizing the Receiver to distribute these settlement funds to investors. This third interim distribution was made to claimants identified in the Receiver's First Amended Final Claims List. This distribution, which was made on a pro rata basis based on each claimant’s Recognized Claim Amount, translated to 0.95 cents paid out for every dollar lost to Cook's fraud and brought the total median distribution rate to approximately 3.5 cents for every dollar lost to the fraud. The checks for this distribution were mailed on March 28, 2012.  

 

Second Interim Distribution


On August 1, 2011, the Court entered an Order in the civil cases of SEC v. Cook, CFTC v. Cook, and SEC v. Beckman authorizing the Receiver to make an interim distribution of $1,027,729.04 that the Receiver repatriated from Trevor Cook’s Swiss bank account at UBS AG. This second interim distribution was made to claimants identified in the Receiver's First Amended Final Claims List. This distribution, which was made on a pro rata basis based on each claimant’s Recognized Claim Amount, translated to 0.71 cents paid out for every dollar lost to Cook's fraud and brought the total median distribution rate to approximately 2.5 cents for every dollar lost to the fraud. The checks for this distribution were mailed on August 2, 2011.  

 

Supplemental Distributions


On May 5, 2011, as directed by the Court, the Receiver, mailed supplemental distribution checks to claimants based on adjustments made to their Recognized Claim Amounts. More information about the May 5, 2011 supplemental distribution can be found here.

After the November 1, 2010 Order, the Court also directed the Receiver to make a supplemental interim distribution to employee claimants who were not part of the first interim distribution, and to not deduct any compensation that they may have received from Receivership Entities.  Employee claimants were paid out on the same pro rata basis as the other investors.  Interim distribution checks were mailed to employee claimants on November 30, 2010. More information about the supplemental interim distribution to employee claimants can be found here.

 

First Interim Distribution


On November 1, 2010, the Court entered an Order in the civil cases of SEC v. Cook and CFTC v. Cook authorizing the Receiver to distribute $2.25 million to claimants.  This first interim distribution, which was made on a pro rata basis based on each claimant’s Recognized Claim Amount, translated to 1.581 cents paid out for every dollar lost to Cook’s fraud.  The Receiver’s interim distribution checks were mailed on November 12, 2010. 

The Court also directed the Receiver to release $363,700 for use as restitution in the criminal case against Trevor Cook.  This criminal restitution was distributed by the U.S. Probation Office in November 2010.  With the criminal restitution, the total mediation distribution rate was approximately 1.815 cents for every dollar lost to the fraud.

 

Claim Submission and Bar Date


The deadline for submitting a claim to the Receiver for civil restitution has passed.  On November 1, 2010, the Court set January 14, 2011 as the Claim Bar Date.  Any claims for civil restitution that were not postmarked or received by January 14, 2011, are barred. 

If you have a claim for civil restitution arising from clawback litigation initiated by the Receiver that was not resolved by the Claim Bar Date, you may submit that information by email or in hard copy. Please print the claim form available here and mail it, along with the requested information, to the Receiver at the address listed below.

If you are not sure if you have submitted a claim to the Receiver, please contact the Receiver’s Office locally at (612) 436-9664, toll-free at (877) 316-6129, or by email at info@cookkileyreceiver.com.

 

Questions


If you have questions about the Receiver’s distributions, your recognized claim amount, the claim finalization process, or any other issue involved in the Receivership, please contact the Receiver’s office locally at (612) 436-9664, toll-free at (877) 316-6129, or by email at info@cookkileyreceiver.com.

Please note that the Receiver is handling the distributions in the civil cases, and the U.S. Probation Office is handling the distribution in the criminal case.  Please direct any questions about the civil distributions to the Receiver’s office.  If you have questions about the criminal distribution, please contact Peter Madsen at 612-664-5433 or Peter_Madsen@mnp.uscourts.gov.