§ 01The brief
Payouts stopped and the organiser stopped answering calls. Members had put in $1,920,000 between them over three years, some of it retirement savings.
§ 02What I did
- 1.
Collected every member's deposit records into one ledger so the losses could be presented together.
- 2.
Filed a joint complaint with the state securities regulator and individual CCS reports for each member.
- 3.
Supported the receiver with the ledger once the regulator brought its case.
§ 03The outcome
The receiver has recovered and paid out $640,000 to members so far, from the organiser's property and bank accounts. The case is ongoing.