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. How do I put the Receiver on notice of my claim?
6. What is the best way for me to find out what is happening in the Receivership?
7. Does the Receiver represent me? Do I need my own attorney?
8. Who pays for the Receiver (and other professionals)?
9. What tax consequences will I have?
10. 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 also files periodic reports with the
Court to advise of his progress, findings, and proposals. These reports are 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?
If you believe you have a claim against Receivership Entity Quest Energy Management Group, Inc., you must submit an original, written Proof of Claim which complies with all instructions to:
Burton W. Wiand, Receiver
c/o Maya M. Lockwood, Esq.
Guerra & Partners
1408 N. Westshore Blvd.
Suite 1010
Tampa, Florida 33607
so that it is received by October 12, 2016. Click here to view a copy of the Claims Process Instructions for the Quest Claims Process.
The Claims Bar Date for claims against the other Receivership Entities was September 2, 2010. As such, no claims against any other Receivership Entity may be submitted to the Receiver at this time.
How do I put the Receiver on notice of my claim?
To assert a claim against Receivership Entity Quest Energy Management Group, Inc. you must comply with the instructions, procedures, and deadline approved by the Court on June 17, 2016.Please refer to the Quest Claims Process section of this website for the a copy of this Order and other documents relating to the Quest Claims Process. Registering on this website (www.nadelreceivership.com) will not preserve any claim.
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 (astephens@guerrapartners.law)
c/o Guerra & Partners
1408 N. Westshore Blvd.
Suite 1010
Tampa, Florida 33607
Attn: Amanda Stephens
813-347-5100 (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