Bernice Lee serves as the Receiver over MJ Capital Funding, LLC and three related entities in a federal case brought by the SEC that involves a $200 million Ponzi scheme. Promoters misrepresented to investors that their funds would be used to provide merchant cash advances but instead the funds were used to pay alleged returns to investors, and commission and fees to promoters. The Receiver has recovered $16.6 million of which $7.5 million was obtained through voluntary surrender and turnover, worked with investor class representatives to obtain a $26.625 million settlement with a financial institution under which Bernice is the settlement administrator and anticipates disbursing at least $19.5 million to victim investors, and formulated a claims submission process for the receivership and settlement fund through which more than 14,000 claims have been submitted.
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Kozyak Tropin & Throckmorton is a complex commercial litigation firm founded in 1982 that focuses its practice on bet-the-company commercial cases, class actions, healthcare and bankruptcy matters.