Frequently Asked Questions
Table of Contents
1. Who is the Receiver and what are his
responsibilities?
2. What happened to my
investment in Mr. Nadel’s companies?
3. How
much of my investment can I expect to receive back?
4.
Should I file a claim now?
5.
What is the best way for me to find out what is happening in the
Receivership?
6. Does the Receiver represent
me? Do I need my own attorney?
7. Who pays
for the Receiver (and other professionals)?
8. What tax consequences will I have?
9.
What if I have information that may be helpful to the
Receiver or the SEC?
Who is the Receiver and what are his responsibilities?
The Court appointed Burton W. Wiand, Esq. as Receiver to oversee the
marshalling of assets of the entities in this Receivership, and to make
recommendations to the Court regarding the plan of distribution of assets to
qualifying claimants. Mr. Wiand will also file periodic reports with the
Court to advise of his progress, findings, and proposals. These reports will
be posted to this website after they are filed with the Court.
What happened to my investment in funds controlled by Mr. Nadel?
The SEC alleges in its Complaint that Mr. Nadel issued false account
statements that overstated the value of investments in the funds that he
administered by approximately $300 million. The Receiver, and the other
professionals that he retains, such as attorneys, accountants, and
investigators, will identify and gather the assets that belong to the
entities in this Receivership and determine whether any other funds exist.
The availability of funds to pay investors will depend upon the results of
the liquidation of the Defendants’ and Relief Defendants’ assets and other
undertakings by the Receiver and other parties in connection with the
Receivership.
How much of my investment can I expect to receive back?
It is too early to tell how much money will be available for distribution
to injured investors, but it appears the value of money or other assets the
Receiver may recover will be less than the sum of all original investments.
The Receiver will make every effort to recover and distribute as much as
possible to qualifying investors.
Should I file a claim now?
No. The Receiver will recommend the Court approve a process for parties
to submit claims. Once the procedure is approved and in place, the Receiver
will provide notice of the procedure to investors and others and will post
the procedure on this website.
What is the best way for me to find out what is happening in the Receivership?
The Receiver’s website, www.nadelreceivership.com, is the best way to
monitor the activities of the Receivership. Due to the large number of
investors and other interested persons, the website will be the most
efficient and cost-effective way of communicating these activities. Of
course, you may also feel free to contact the Receiver or his counsel as
noted below.
Does the Receiver represent me? Do I need my own attorney?
The Receiver is not your legal counsel. He has been appointed by the
Court to recover assets, and to administer the process of returning those
assets to injured investors and other creditors, but not to represent them.
It is entirely up to each investor or other interested party to decide
whether to consult an attorney on this matter.
Who pays for the Receiver (and other professionals)?
As stated in the Court’s Order appointing the Receiver, the Receiver is
paid from the assets of the entities in this Receivership upon approval by
the Court The Receiver also has been granted permission to retain other
professionals, such as attorneys, accountants, and investigators, to assist
in the process of identifying and gathering assets that belong to the
entities in this Receivership, and otherwise discharging the Receiver’s
duties. These other professionals are also paid from the assets of the
entities in this Receivership, upon prior approval of the Court.
What tax consequences will I have?
The Receiver cannot advise you of any tax ramifications. Please contact
your tax professional with any questions. Please also see
INFORMATION RELATING TO TAX ISSUES.
What if I have information that may be helpful to the Receiver or the SEC?
You may contact the Receiver by completing the Registration Form on this website. You also may contact the Receiver or his counsel directly at:
Burton W. Wiand, Receiver (jrizzo@wiandlaw.com)
c/o Wiand Guerra King P.L.
3000 Bayport Drive, Suite 600
Tampa, FL 33607
Attn: Jeffrey C. Rizzo, CP, FRP
813-347-5123 (telephone)
813-347-5173 (fax)
If you have information that you believe would be helpful to the SEC in this investigation, or in any other investigation, please contact the SEC at:
Scott Masel
Securities and Exchange Commission
801 Brickell Avenue, 1800
Miami, FL 33131
Email: MaselS@sec.gov
Phone: 305-982-6398
Fax: 305-536-4154