FREQUENTLY ASKED QUESTIONS (FAQs):
What is the next step I need to take?
The deadline to submit a proof of claim form and supporting documentation passed on July 19, 2022 at 11:59 p.m. (prevailing Eastern Time). The Receiver is in the process of reviewing thousands of proofs of claim that were timely submitted by victims, investors and creditors to identify valid claims to be administered through this receivership proceeding. Please be patient. If the Receiver rejects your proof of claim, in whole or in part, the Receiver will apprise you via mail or email. For additional information regarding the Claims Administration Process, please review the Order Establishing Bar Date and Approving Claim Submission and Administration Procedures available in the Court Documents section. Please check this page periodically for updates.
When will I get my money back?
The Receiver is in the process of determining how much money is owed to investors, and recovering money that was paid by investors and other assets. Investigations are ongoing and the Receiver is unable to provide a specific time frame as to when distributions will be made. Updates, however, will be provided on this page when the Receiver is in a position to propose distributions.
How long does this process usually take?
It is unknown as the Receiver is in the process of investigating the facts of this case including reviewing the records recovered from the offices. Each receiver case is different, and this one involves many people and extensive records.
What percentage of my investment will I get back?
It is too early to know the percentage.
Will I have to give back the money I earned as interest – even if I have not received my principal back?
The Receiver will determine and propose a distribution plan for claimants that is both fair and reasonable. Notice will be provided to investors of the distribution plan. For additional information regarding the Claims Administration Process, please review the Order Establishing Bar Date and Approving Claim Submission and Administration Procedures available in the Court Documents section.
How much money has been recovered?
Please review the Receiver’s reports that can be accessed by clicking on Court Documents.
Will Johanna face criminal charges?
The Receiver is handling the civil receivership matter so she does not know what the authorities will ultimately decide to do with respect to those responsible. Any criminal action will be brought by the government, and will be a separate proceeding than from the civil SEC action in which the receiver was appointed.
Will the brokers be investigated?
The receiver will be investigating various matters relating to the receivership estate. Securities violation investigations are conducted by the Securities and Exchange Commission. Criminal charges would be investigated and brought by the government.
Why was a mediator hired?
The mediation took place on February 28, 2022 between the SEC and Ms. Garcia. The Receiver participated as an interested party. The Mediator adjourned the mediation, and it will be continued to a later date. Once the Mediator confirms the new date, we will provide an update. The mediation will primarily deal with Ms. Garcia’s civil liability for the pending lawsuit the SEC filed against her.
Should I hire an attorney?
You have a right to be represented in this matter, however, we are unable to provide you legal advice.
This page is periodically updated with additional information about the case.