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Non-Tech : Auric Goldfinger's Short List
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To: SEC-ond-chance who wrote (13254)6/25/2004 12:06:36 AM
From: SEC-ond-chance  Read Replies (1) of 19428
 
CFTC v. Equity, et al.

General Status

The action filed by the Commission on April 1, 2004, has earmarks of being a very large, complicated matter.

The specific allegations in the complaint were based on the limited information known to the Commission at the time, without benefit of discovery. There are two litigation steps in the immediate horizon. First, the Commission currently is opposing a motion by a group of foreign entities known as the Sterling Group to intervene in this action and gain release of frozen funds which they claim belong to them. This matter went to hearing on May?nd is scheduled to resume on May? Second, Judge Kugler has scheduled this matter for hearing on June? 2003 to consider the Commission.s request that the court enter a preliminary injunction to enjoin the defendants from engaging in illegal activities pending final resolution of this case.

It is a regrettable fact of litigation that the agency cannot discuss all the facts as they are learned with each investor. Here, it appears that Tech Traders not only traded Shasta.s funds in its own name, but that it commingled Shasta.s funds with those of others. A shortfall is anticipated. At this point, it is unlikely that the Receiver will be in a position to distribute any funds in the near future. We realize that the loss of liquidity and potential loss of principal may pose a hardship to investors. Unfortunately, it would be imprudent to release any funds until the universe of claims and the particularities of the involvement of the defendants, investors and others are known.

We appreciate your ongoing patience and cooperation.

cftc.gov
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