FAQs
Q: Who serves as Receiver?
A: Roy M. Terry, Jr. of the law firm of DurretteBradshaw PLC has been appointed Receiver by the United States District Court for the Eastern District of Virginia. Mr. Terry is a director, chair of the bankruptcy section, and shareholder in DurretteBradshaw PLC.
Q: What is the Receiver's job?
A: The District Court requires the Receiver to collect and preserve the assets, wherever they may be found, of Defendants International Fiduciary Corp., S.A. (“IFC”), Daniel Eric Byer (“Byer”), Malcolm Cameron Boyd Stevenson (“Stevenson”), and Preston David Pinkett II (“Pinkett”), or the affiliated entites of IFC, Byer, Stevenson, and Pinkett (collectively, the “Receivership Property”). It is possible that, over time, the receivership will be expanded as to other persons and entities. The Receiver must also file with the Court periodic reports of its acts and transactions in its official capacity as Receiver. Finally, the Receiver must file with the Court a proposed plan of distribution to return the Receivership Property collected and preserved by the Receiver to injured investors.
Q: Will I get my money back?
A: It is too early to tell how much money will be available for distribution to IFC’s investors. The Receiver will make every effort to return to each investor as much of the original investment as it made possible by discovered and subsequently disgorged funds. Though it is early in the Receiver’s investigation and collection efforts, it appears the value of the recovered assets will be less than the sum of all original investments. Nevertheless, the Receiver will continue to search for additional assets.
Q: What should investors do?
A: If you are an investor who would like to be considered in any distribution, you are required to submit to the Receiver a completed Proof of Claim form and return it so that it is received by the Receiver on or before 5:00 p.m Eastern Standard Time on September 15, 2008. The Receiver must be able to contact you. Should your physical or email address change, please contact us.
Q: What about the profits that were made from the IFC Program?
A: The SEC has alleged that investor funds were never invested or used for any investment program; accordingly, the trading program allegedly operated by IFC was nothing more than a pyramid scheme. The source of payments, if any, to investors was not derived from trading profits, but rather from investment principal from other investors in the program.
Q: Do I need an attorney to represent me?
A: It is entirely up to each investor to decide whether to consult an attorney on this matter. You will not be required to have an attorney to submit a Proof of Claim form. However, your rights may be affected. You should discuss this matter with your attorney. (If you do not have an attorney, you may wish to consult one.)
Q: How may I contact the Receiver?
A: You may contact the Receiver through the Receiver's law offices at:
DurretteBradshaw PLC
Post Office Box 2187
Richmond, VA 23218
You may also call (804) 775-6900 or send an e-mail to
sryan@durrettebradshaw.com. If you call for Mr. Terry and he is unavailable, you may ask for Stephanie Ryan or John Smith.
Q: What if I have information that may be helpful to the Receiver or SEC?
A: You may contact the Receiver by any of the methods state above. If you have information that would be helpful to the SEC in this investigation, or in any other investigation, please contact the SEC at:
Ricky Sachar, Senior Counsel
United States Securities & Exchange Commission
Division of Enforcement
100 F. Street, N.E.
Washington, D.C. 20549-5631
(202) 551-4568
sacharr@sec.gov.