Court Grants Receiver’s Request for First Interim Distribution
On March 15, 2023, the Court granted the Receiver’s motion requesting approval to make a first interim distribution to investors with allowed claims. A copy of the Order is available here. On April 6, 2023, the Receiver mailed distribution checks by U.S. Mail to those who were entitled to receive one and did not require address confirmation. On the same day, the Receiver also mailed letters with address confirmation forms to claimants who must verify their address before their distribution check may be mailed to them.
On December 9, 2022, the Receiver filed a motion to distribute approximately $10 million to claimants with allowed claims. A copy of the Receiver’s motion is available here. Claimants identified on Exhibit 1 and Exhibit 2 will participate in this distribution, absent a contrary instruction from the Court. If the motion is granted, claimants identified on Exhibit 3 will be denied and not participate in any distributions because they failed to comply with governing procedures, including (most often) the submission of an executed Personal Verification Form. Unless directed otherwise by the Court, the Receiver will not adjust claims any further. The Receiver’s declaration in support of the motion is available here.
Introduction
Welcome to the website of Receiver, Burton W. Wiand. Mr. Wiand has been appointed Receiver in a civil enforcement action, styled Commodity Futures Trading Commission v. Oasis International Group, Ltd. et al., Case No. [8:19-cv-00886] in the United States District Court for the Middle District of Florida, Tampa Division.
We designed this website to provide convenient access to information about the receivership, including important updates, and select District Court documents. As our work progresses, we will add information to this website, including information regarding a plan of distribution to creditors of any assets that are recovered and all forms required by the District Court for participation as a claimant in the distribution process. If you require further information not contained in this website, you may contact us.
Brief Summary of the Case
The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in federal court in Florida against Sarasota area defendants Oasis International Group, Limited (OIG), Oasis Management, LLC(OM), Satellite Holdings Company (Satellite), Michael J. DaCorta (DaCorta),Joseph S. Anile, II (Anile), Raymond P. Montie, III (Montie), Francisco “Frank” L. Duran (Duran), and John J. Haas (Haas) (collectively, defendants). The defendants are charged with operating a $75 million foreign currency (“forex”) trading scheme involving over 700 U.S. participants and over $47 million misappropriated in order to return funds to certain participants and for personal use, such as exotic vacations, sports tickets, and college tuition. The Complaint also names nine relief defendants, who are alleged to have received pool participant funds: [Mainstream Fund Services, Inc., Bowling Green Capital Management, LLC, Lagoon Investments, LLC, Roar of the Lion Fitness, LLC, 444 Gulf of Mexico Drive, LLC, 4064 Founders Club Drive, LLC, 6922 Lacantera Circle, LLC, 13318 Lost Key Place, LLC, and 4Oaks, LLC]. The CFTC’s press release can be viewed here.
Where, as in this case, the CFTC seeks the return of funds to investors, the CFTC frequently pursues the appointment of a receiver to assist in marshalling assets on behalf of injured investors. CTFC-initiated receiverships frequently arise in connection with alleged fraudulent investment schemes.
The District Court entered an order on April 15, 2019, appointing Mr. Wiand as Receiver. The Court directed the Receiver to (i) administer and manage the business affairs, funds, assets, and any other property of the Defendants and Relief Defendants; (ii) marshal and safeguard the assets of the Defendants and Relief Defendants; (iii) investigate the manner in which the affairs of the Defendants and Relief Defendants were conducted and institute such legal proceedings for the benefit of the Defendants and Relief Defendants and their investors and creditors as the Receiver deems necessary; and (iv) take whatever actions are necessary for the protection of the investors. We intend to fulfill our duties and responsibilities as Receiver in an expedient and efficient manner. The District Court overseeing this receivership has broad powers and wide discretion to determine the appropriate relief.
Receiver’s Eighteenth Interim Report
Receiver’s Eighteenth Interim Report (with Exhibits)
