News & Updates

 

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2013

 

December 23, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order to Withdraw Funds from Court Registry here

 

December 20, 2013

R.J. Zayed v. Associated Bank, N.A., 13-3388 (8th Cir.), on appeal from 13-cv-232 (D. Minn.):

Receiver's Appellate Brief here

Addendum to Receiver's Brief here

SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Everest Insurance's Renewed Motion to Lift Asset Freeze to Permit Payment of Defense Costs here

Memorandum in Support here

Affidavit of Matthew Photis here

Exhibits A-O can be viewed here

Notice of Hearing here

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Authorizing Payment of Fees here

Order Authorizing Payment of Fees in the Associated Bank Action here

 

December 6, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Receiver's Motion to Approve Payment of Fees here

Notice of Hearing here

Declaration of Receiver R.J. Zayed here

Receivers' Motion to Approve Payment of Fees in the Associated Bank Action here

Notice of Hearing here

Declaration of Receiver Tara Norgard here

 

November 26, 2013

The Receiver has posted additional answers to frequently asked questions here.

 

November 14, 2013

R.J. Zayed v. Associated Bank, N.A., 13-3388 (8th Cir.), on appeal from 13-cv-232 (D. Minn.):

Receiver's Statement of Issues on Appeal here.

 

November 13, 2013

Zayed v. Allen et al., 13-cv-1896 (D. Minn.):

Receiver's Motion to Dismiss Counterclaim of Defendants George and Shirley Janssen here.

Memorandum in Support here.

Notice of Hearing here.

For more information about this case, click here.

 

October 29, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Receiver's Notice of Appeal to the Eighth Circuit here.

 

October 21, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Order denying Receiver's Request for Permission to File a Motion to Reconsider here.

 

October 16, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Associated Bank's Letter in Response to Receiver's Letter to Request Permission to File a Motion to Reconsider here.

 

October 11, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Receiver's Letter to Request Permission to File a Motion to Reconsider (to amend dismissal to dismissal without prejudice) here.

 

October 4, 2013

The Receiver has posted additional answers to frequently asked questions here, including information about the Crown Forex, S.A. liquidation in Switzerland

 

Regarding Crown Forex, S.A. (Swiss Liquidation Proceedings):

The Receiver's claim, which was filed in the name of UBS Diversified FX Growth, LP, was rejected because the liquidators determined that UBS Diversified FX Growth, LP did not have accounts at Crown Forex; in other words, the accounts that were the basis for UBS Diversified FX Growth, LP's claimed losses at Crown Forex S.A. were fake. In addition, the letter rejecting the Receiver's claims advises that the Swiss liquidators count among their assets a damages claim filed in Switzerland against UBS Diversified FX Growth, LP and Trevor Cook, among others.

According to correspondence received from the liquidators, total claims filed in the Crown Forex S.A. proceedings in Switzerland, including but not limited to the Receiver’s and individual investors’ claims stemming from the Cook Ponzi scheme, were approximately $592MM (USD). Of those, approximately $17.3MM (USD) were allowed. Assets available to satisfy those claims total about $3MM (USD).

The Receiver has consulted with Swiss counsel about the process, cost and likelihood we would succeed in appealing the liquidators' rejection of Receiver's claim in Switzerland. In short, the cost would be high and there would be little upside to any course the Receiver could pursue in Switzerland at this point. The Receivership would, as an initial matter, have to pay Swiss counsel to pursue the action. If we lost, and the court in Switzerland affirmed the rejection of the Receiver's claim, the Receiver would then have to pay the liquidators' costs, as well as court fees, for the appeal. If we won, and the court in Switzerland overturned the liquidators' decision and granted any part of the Receiver's claim, the liquidators have advised that they will simply deduct any recognized claim amount from their damages claim against UBS Diversified FX Growth, LP and Trevor Cook.

The Receiver also notes that the communication from Crown Forex SA liquidator offers to transfer a civil claim that the liquidator claims to have against Cook or UBS Diversified (among others) for a fee. The Receivership Orders prohibit precisely such a suit as to Cook and any Receivership entity. The Receiver takes no position on the viability of civil claims in Switzerland or elsewhere against any of the other individuals or non-receivership entities that the liquidator believes he has civil claims against.

 

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Authorizing Payment of Fees here

Order Authorizing Payment of Fees in the Associated Bank Action here

 

October 1, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

On September 30, 2013, Judge Doty issued an order granting Associated Bank’s motion to dismiss the Receiver’s claims. The Receiver is currently evaluating the next steps in this action.   The Order, as well as other filings and information about the case, is available here.

 

September 20, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Receiver's Motion to Approve Payment of Fees here

Notice of Hearing here

Declaration of Receiver R.J. Zayed here

Receivers' Motion to Approve Payment of Fees in the Associated Bank Action here

Notice of Hearing here

Declaration of Receiver Tara Norgard here

 

September 3, 2013

The Receiver has posted an additional answer to a frequently asked question here

 

August 30, 2013

R.J. Zayed v. Arch Insurance Company, 11-cv-1319 (D. Minn.):

Order dismissing case here

Stipulation for dismissal with prejudice here

 

August 22, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Fifteenth Status Report of Receiver R.J. Zayed available here

 

August 12, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.) &
R.J. Zayed v. Arch Insurance Company, 11-cv-1319 (D. Minn.):

Order Approving Settlement Agreement with Arch here

 

July 26, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.) &
R.J. Zayed v. Arch Insurance Company, 11-cv-1319 (D. Minn.):

Motion to Approve Settlement Agreement with Arch here

Exhibit A (Settlement Agreement) here

Notice of Hearing here

 

July 15, 2013

Zayed v. Allen et al., 13-cv-1896 (D. Minn.):

Today the Receiver filed a complaint against certain winning investors. For more information, or to view the complaint, click here.

 

USA v. Beckman et al., 11-cr-228 (D. Minn.):

On July 15, 2013, Chief Judge Michael J. Davis sentenced Patrick Kiley to 20 years in prison for his role in the scheme. More information about the criminal cases can be found on the U.S. Attorney's website here.

 

July 1, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Authorizing Payment of Fees here

Order Authorizing Payment of Fees in the Associated Bank Action here

 

June 24, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Associated Bank's Letter to Judge Doty here

Receiver's Letter to Judge Doty in Response here

 

June 21, 2013

R.J. Zayed v. Arch Insurance Company, 11-cv-1319 (D. Minn.):

The Receiver has reached an agreement to settle his claims against Arch for $120,000. The parties are in the process of putting the agreement into written form; it will then be filed in the public record.

 

June 13, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Receiver's Motion to Approve Payment of Fees here

Notice of Hearing here

Declaration of Receiver R.J. Zayed here

Receivers' Motion to Approve Payment of Fees in the Associated Bank Action here

Notice of Hearing here

Declaration of Receiver Tara Norgard here

 

June 12, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Notice of Mailing of Receiver's Fifth Interim Distribution here

 

June 7, 2013

The Receiver has posted an additional answer to a frequently asked question here

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Approving Fifth Interim Distribution here

 

June 6, 2013

USA v. Beckman et al., 11-cr-228 (D. Minn.):

Sentencing for Patrick Kiley has been set for July 15, 2013, at 9:30 a.m. before Chief Judge Michael J. Davis in Courtroom 15E in Minneapolis.

 

May 31, 2013

On May 30, 2013, the Receiver filed a motion for approval of his proposed fifth interim distribution. A hearing on the Receiver's motion is scheduled for June 7, 2013, at 9:30 a.m.

If your address or any other information relating to your claim has changed, please contact the Receiver's Office (local: 612-436-9664, toll free: 877-316-6129 or email: info@cookkileyreceiver.com) as soon as possible to avoid any issues or delays with your distribution check.

 

May 30, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Motion for Order Approving Fifth Interim Distribution here

Notice of Hearing here

 

May 29, 2013

The Receiver has posted an additional answer to a frequently asked question here

 

May 16, 2013

R.J. Zayed v. David Buysse et al., 11-cv-1042 (D. Minn.):

Order dismissing case here

Stipulation for dismissal with prejudice here

 

May 3, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Associated Bank's Reply in Support of Motion to Dismiss here

 

April 26, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Receiver's Response in Opposition to Associated Bank's Motion to Dismiss here

 

April 19, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Pursuant to Judge Mayeron's Order, the Receiver filed the unredacted complaint and exhibits, which are available here

 

SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Granting Everest Insurance's Motion for Order Approving Settlement Agreement and for Partial Lift of Asset Freeze to Permit Payment of Settlement here

 

April 15, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Order on Motion to De-Designate Documents and Unseal Complaint here

 

April 12, 2013

The Receiver has posted an additional answer to a frequently asked question about tax issues here

 

April 11, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Granting Receiver's Motion to Retain Outside Counsel here

 

April 5, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Authorizing Payment of Fees here

 

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Defendant Associated Bank's Redacted Memorandum in Support here

Placeholder for Under Seal Memorandum here

Index to Appendix here

Appendix here

 

April 4, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Amended Order Granting Motion for Recusal here

 

April 3, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Granting Motion for Recusal here

 

Receiver's Motion to Retain Outside Counsel for Purposes of Pursuing Claims Against Third Parties here

Notice of Hearing here

 

April 1, 2013

Effective April 2, 2013, the Receiver, R.J. Zayed, is moving to the law firm of Dorsey & Whitney. Notwithstanding the Receiver’s move, the Receivership team will remain the same and Carlson Caspers will continue to serve as the Receiver’s firm until the conclusion of the Receivership. With respect to the Receiver’s case against Associated Bank, out of an abundance of caution and to avoid any possible conflict of interest, the Receiver has asked the Court to recuse him from that matter due to Dorsey’s representation of the bank. To ensure an orderly transition and no disruption to the Associated Bank action, the Receiver has asked the Court to appoint Tara Norgard, Brian Hayes, and Russell Rigby of Carlson Caspers to act collectively on his behalf and in his capacity as Receiver in that case, with all the powers appertaining thereto as set forth in the Court’s Orders appointing the Receiver.

Contact information for the Receiver remains the same:

Local: 612-436-9664
Toll free: 877-316-6129
Email: info@cookkileyreceiver.com
U.S. Mail:
Receiver in SEC v. Cook et al., 09-cv-3333, CFTC v. Cook et al., 09-cv-3332
and SEC v. Beckman et al., 11-cv-00574 (D. Minn.)
c/o Carlson Caspers
225 S. 6th St., Ste. 4200
Minneapolis, MN 55402

 

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Motion for Leave to Recuse here

SEC's Response here

CFTC's Response here

 

March 22, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Approving Settlement with Scottsdale Insurance here

 

Receiver's Motion to Approve Payment of Fees here

Notice of Hearing here

Declaration here

 

March 20, 2013

R.J. Zayed v. Arch Insurance Company, 11-cv-1319 (D. Minn.):

Order on Motions for Summary Judgment here

 

March 15, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Letters to Judge Mayeron here

 

March 8, 2013

SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Everest Insurance's Motion for Order Approving Settlement Agreement and for Partial Lift of Asset Freeze to Permit Payment of Settlement here

Memorandum in Support here

Affidavit of Laura Sands here

Exhibits A-C here

Second Amended Notice of Hearing here

 

March 2, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Defendant Associated Bank's Opposition to Receiver's Motion to De-Designate Documents and Unseal Complaint and to Non-Party Star Tribune's Motion Intervene and to Unseal Documents here

 

February 28, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Receiver's Motion to Approve Settlement Agreement with Scottsdale Insurance here

Exhibit A here

Amended Notice of Hearing here

 

February 25, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
R.J. Zayed v. David Buysse et al., 11-cv-1042 (D. Minn.):

On Feburary 4, 2013, Chief Judge Michael J. Davis granted the jointly filed Motion to Approve Settlements. The Orders approving the settlements have now been entered and are available here.

 

February 22, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Non-Party Star Tribune's's Motion to Intervene and to Unseal Documents here

Defendant Associated Bank's Motion to Dismiss here

Notice of Hearing here

 

February 21, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Today the Receiver filed a motion to de-designate certain documents and unseal the complaint and exhibits.  A hearing on the Receiver's motion is scheduled for March 8, 2013, at 2:30 p.m., before Judge Mayeron in St. Paul. The Receiver's motion and related filings are available here.

 

January 31, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Fourteenth Status Report of Receiver R.J. Zayed available here

 

January 30, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
R.J. Zayed v. David Buysse et al., 11-cv-1042 (D. Minn.):

The hearing on the Joint Motion to Approve Settlements has been rescheduled for 9:00 a.m. on February 4, 2013. More information can be found here.

 

January 29, 2013

R.J. Zayed v. Associated Bank, N.A., 13-cv-232 (D. Minn.):

Today the Receiver filed a lawsuit against Associated Bank, alleging claims for aiding and abetting fraud, breach of fiduciary duty, conversion, and false representations and omissions.  The Receiver is represented by contingency fee counsel in this matter.  The case was filed under seal because many of the facts alleged in the complaint presently are subject to a Protective Order.  The Receiver plans to move the Court to allow the full complaint to be publicly filed.  A redacted version of the complaint, the public exhibits and other related filings are available here.

 

January 25, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
R.J. Zayed v. David Buysse et al., 11-cv-1042 (D. Minn.):

Following up on the December 4, 2012 announcement of agreements in principle with the Respondents in Zayed v. Buysse et al. (11-cv-1042), on January 25, 2013, the Receiver and the Respondents jointly filed a Motion to Approve Settlements, which is available here.  A hearing on this motion has been scheduled before Chief Judge Michael J. Davis on February 4, 2013 at 11:00 a.m.

 

January 24, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Authorizing the Payment of Fees Incurred by the Receiver here

 

January 18, 2013

R.J. Zayed v. David Buysse et al., 11-cv-1042 (D. Minn.):

Order extending deadline for filing settlement agreements for Court approval to January 25, 2013 here

 

January 14, 2013

SEC v. Cook et al., 09-cv-3333 & CFTC v. Cook et al., 09-cv-3332 &
SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Receiver's Motion to Approve Payment of Fees here

Notice of Hearing here

Declaration here

 

January 9, 2013

R.J. Zayed v. David Buysse et al., 11-cv-1042 (D. Minn.):

Order extending deadline for filing settlement agreements for Court approval to January 16, 2013 here

 

January 3, 2013

USA v. Beckman et al., 11-cr-228 & USA v. Pettengill, 11-cr-192 (D. Minn.):

On January 3, 2013, Chief Judge Michael J. Davis sentenced Jason Bo-Alan Beckman to 30 years in prison for his role in the scheme, Gerald Durand to 20 years, and Christopher Pettengill to 7.5 years. Sentencing for Patrick Kiley has been continued and will be rescheduled at a later date. More information about the criminal cases can be found on the U.S. Attorney's website here.

 

January 2, 2013

The Receiver has posted statistics on the demographics of victims of the fraud here. This information can also be found in the FAQ section here.

 

SEC v. Beckman et al., 11-cv-574 (D. Minn.):

Order Granting Everest Insurance's Motion for Order Approving Settlement Agreement and for Partial Lift of Asset Freeze to Permit Payment of Settlement here

 

Important Information

Third Parties Claiming to be Affiliated with the Receivership

Updated 3/4/2011

Recently, several investors have reported being contacted by an individual or individuals claiming to be able to recover a significant portion of the investor's loss for a large upfront fee.  The individual also requests several years of the investor's tax statements.

The Receiver cannot comment on any actions or claims you may have against third parties relating to your loss.  However, the Receiver is authorized to take exclusive custody, control and possession of all Receivership assets, wherever situated.  All investors and other persons are stayed from, among other things, self-help and attempting to take possession of or interfering with assets of the Receiver Estates.

Only the Court is able to order restitution to Trevor Cook's investors, and only the Court-appointed Receiver is searching (at the Court's direction) for funds in this case.  No other individual or group is related to, approved by, or working with the Receiver, the SEC, the CFTC, or the Court-mandated asset-recovery process in any way.

The Receiver suggests any investor receiving such a call contact their state's attorney general immediately.

The Receiver again reminds investors to be carefuly when giving personal information to anyone.  Be sure to verify that the entity that contacts you is who they purport to be.

 

Fraud Recovery Group

Only the Court is able to order restitution to Trevor Cook’s investors. And only the Court-appointed Receiver is searching (at the Court’s direction) for funds in this case.

Recently, some investors have contacted the Receiver and the SEC to ask if  they were working with a company called “Fraud Recovery Group." Fraud Recovery Group is not related to, approved by, or working with the Receiver, the SEC, or the Court-mandated asset-recovery process in any way.

Look-alike Websites

Several news outlets have also reported that former clients of Bernard Madoff have been targeted by an entity holding itself out as a government agency. This entity is reportedly seeking financial information related to alleged Ponzi schemes, but has no connection with any legitimate government or international entity.

Be careful when giving personal information to anyone. Be sure to verify that the entity that contacts you is who they purport to be.

The Federal Trade Commission has resources available†‡ to help.

 

† - Link opens in a new browser window.

‡ - External link not controlled by the Receiver.