The Revenue Join Receiver has recovered $9.1 million.

The announcement was made as a part of the Receiver’s Second Standing Report, filed February seventh.

The Receiver’s operations report begins by disclosing that final August, what was left of Revenue Join was hit by COVID-19.

On August 4, 2021, Brent Kovar notified the Non permanent Receiver that one of many Revenue Join staff had examined optimistic for COVID-19.

The Non permanent Receiver, with the help of Brent Kovar, instantly despatched everybody dwelling and requested they get examined and supply documentation of a damaging take a look at outcome previous to returning to work.

Not less than six staff and one member of the Non permanent Receiver’s group examined optimistic and have been requested to comply with CDC protocols for
quarantining.

The Non permanent Receiver employed knowledgeable cleansing firm to wash and sanitize the complete facility.

Restoration efforts to date have centered round promoting property and belongings acquired by means of Revenue Join.

In December the Receiver held a digital public sale that raised $1.25 million.

A number of the large ticket objects included the sale of three Can-Am’s that bought for $182,750, a 2021 RAM 1500 BigHorn that bought for $46,250, the 2021 Ford F650 that bought for $86,500, and huge quantities of pc {hardware} that bought nicely above retail costs.

A further $4 million was recovered by means of liquidation of seized cryptocurrency. This was a $2 million net-profit towards the acquisition worth.

The sale of varied real-estate belongings and pursuits additionally stays pending.

A closing stability supplied by the Receiver pegs the Whole Fairness quantity held by the Receivership at $18.5 million.

Charges charged by the Receivership stand at $495,000.

Sadly along with operational bills, Revenue Join associates are working up Receivership authorized charges.

the Receiver has found a number of lawsuits filed by buyers
to recoup their investments forward of different buyers.

One investor refused to both dismiss or keep his lawsuit pending the receivership, requiring the Receiver’s counsel to file a movement to enjoin the investor’s lawsuit underneath the All Writs Act.

Upon receiving a replica of the movement, the investor promptly dismissed his lawsuit.

That investor was Jeffrey Nicholas, who filed swimsuit towards his upline Troy Sutton.

In an ironic flip of occasions, after Nicholas filed his lawsuit, one in all his Revenue Join downline filed swimsuit towards him.

There’s one more investor lawsuit pending in Texas state court docket making comparable allegation, albeit this time towards Mr.
Nicholas.

The Receiver’s counsel has been in dialog with that investor’s counsel and anticipates that the events will attain a decision that advantages the receivership property.

The Receivership has additionally discovered of a deliberate class-action by one more group of Revenue Join buyers.

These lawsuits are all barred by the granted preliminary injunction. They’ll both go nowhere or be dismissed, however do run up Receivership prices within the course of.

Non-cooperation by third-parties and Revenue Join having “no identifiable accounting books and data”, are additionally inflicting complications.

Shifting on to clawbacks, a $500,000 lawsuit has already been filed towards Revenue Join net-winner William Roshak.

The pleadings are closed, preliminary disclosures have been made, and the events have a settlement convention scheduled earlier than Justice of the Peace Decide Weksler on March 24, 2022.

Trying ahead, the Receiver warns;

Primarily based on his persevering with investigation, the Receiver anticipates there could also be additional litigation to clawback fraudulently transferred funds and/or search damages associated to the Revenue Join scheme.

With respect to Revenue Join victims, the Receiver claims to have despatched “1000’s of emails and conducting quite a few cellphone calls”.

One notably disturbing side of how Revenue Join solicited funding, was encouraging buyers to taking out a lien towards property.

The liens seem to have been given by buyers who have been instructed that they may spend money on Revenue Join by giving Revenue Join a lien towards their residence for a selected quantity, with the quantity
secured by the lien then being invested in Revenue Join.

To the extent that no money really modified arms, the Receiver will search Court docket authority to launch these liens in order that title could be absolutely reconveyed to the owners.

The Receivership held a webinar on September twenty ninth, 2021. “Virtually 150 events” attended the assembly.

Via the established Receivership web site, the Receiver moreover claims to have

collected practically 400 varieties despatched in by means of the web site that embody contact info and particular info with how they’re related to Revenue Join.

The Receiver is utilizing this info to replace the database of data obtained from Revenue Join’s inside pc methods.

No phrase on a claims course of but, so there’s no indication on what distribution figures may appear like later down the monitor.

Contemplating the SEC pegged Revenue Join as a $12 million Ponzi, sufferer restoration at this stage seems promising.