Motion to Approve First Distribution
On December 9, 2022, the Receiver filed a motion to distribute approximately $10 million to claimants with approved claims. A copy of the motion and its exhibits are available below, and the Receiver’s declaration in support of the motion is available here. Claimants identified on Exhibits 1 and 2 will participate in this distribution, absent a contrary instruction from the Court. Claimants identified on Exhibit 3 will, if the Court grants the motion, 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.
Please review the motion and its exhibits carefully. If you disagree with any matters discussed therein, you must address the issue with the Court before December 23, 2022.
On March 7, 2022, the Court entered an Order granting the Receiver’s Motion to (1) Approve Determination and Priority of Claims, (2) Pool Receivership Assets and Liabilities, (3) Approve Plan of Distribution, and (4) Establish Objection Procedure (the “Motion”). A copy of the Motion is available here, and a copy of the order is available here. The next steps in this claims process are as follows:
- The Receiver will mail each claimant (and counsel, if applicable) a letter with detailed instructions. The Receiver will post a notice on this website once the letters have been mailed.
- If you do not receive a letter within a few days of the mailing date, you may contact the Receiver’s professionals for assistance – firstname.lastname@example.org.
- Please review the information in the letter carefully. The letter will contain the claim number for the referenced claimant. You should receive a letter for each claim you submitted. Take note of the claimant name(s) and your claim number(s) and review the Receiver’s Court-approved determination of your claim(s), as set forth in the exhibits to the Motion. Claims have been approved in full, approved in part, and denied. Many claims have been approved but require additional information or documents before the claimants can participate in any distributions.
- As explained more fully in the Motion and letter, if you agree with the Receiver’s Court-approved determination of your claim(s), and you have not been instructed to provide any additional information or documents, you need not take any further action.
- If you have been instructed to provide additional information or documents, you must do so by April 14, 2022, as set forth in the Motion and letter. Many claimants will be required to complete a Personal Verification Form. Failure to complete the form will result in a claimant’s disqualification from participating in distributions of assets.
- If you object to the Receiver’s Court-approved determination of your claim(s), you must submit a written objection in accordance with the procedures described in the letter and Motion. All objections must be served on the Receiver by April 14, 2022.
- After the objection deadline, the Receiver will evaluate any objections and work to resolve or litigate those objections. The Receiver’s ability to make a first interim distribution of money to claimants with approved claims will be significantly impacted by the number and nature of objections. The Receiver cannot predict a distribution date or amount until any objections have been received and evaluated.
This process of validating the claims is the last step before the Receiver will be able to begin distributions of funds to claimants. Hopefully, this process will proceed smoothly, and the Receiver and his professionals can begin distributions in the not too distant future. For more information, please continue to monitor this website and the Receiver’s interim reports.
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.
Court Accepts and Adopts The Report and Recommendation for Distribution
Click here to view court document.