Introduction
Welcome to the web-site of Receiver, Roy M. Terry, Jr., as represented by the law firm of DurretteBradshaw, PLC. Mr. Terry has been appointed Receiver in the case of the Securities and Exchange Commission v. International Fiduciary Corp., S.A., currently pending in the United States District Court for the Eastern District of Virginia, Alexandria Division (Civil Action No. 1:06-CV-1354).
We designed this web-site to provide convenient access to information about the Receiver’s efforts on behalf of investors including:
- Important Updates
- Answers to Frequently Asked Questions (FAQs)
- The Plan of Distribution for returning funds to their rightful owners
- All forms approved by the District Court for participation as an investor/claimant in the distribution of recovered funds
- Select Court Documents
Please understand that all sections of the website will not be initially active, but will be continually developed as the receivership proceeds. If you require further information not contained in this web-site, you may Contact Us.
Brief Summary of the Case
The SEC claims that International Fiduciary Corp, S.A. ("IFC") and its co-defendants Preston David Pinkett II ("Pinkett"), Daniel Eric Byer ("Byer") and Malcolm Cameron Boyd Stevenson ("Stevenson") orchestrated a massive fraud in which they raised at least $40 million from investors in the United States and Canada. Investors were sold investment contracts, usually with a $100,000 minimum, to share in returns from an "asset growth program" which would generate funds by sophisticated trading through "1st Tier Medium Term Bank Notes." The SEC also alleges that Pinkett, Byer and Stevenson diverted at least $13.9 million of investor funds to themselves and entities unrelated to the purported investment program. Other marketers promoting IFC may have received $4,675,000.00 or more. In a First Amended Complaint, the SEC also names Terry Martin, D2E, Inc., Winchell Corporation, M&M Technologies, Robert Lowery, and SZE Corp. as Relief Defendants holding or controlling funds that represent fruits of securities law violations.
In addition to securing a court ordered freeze of IFC’s assets, the SEC requested the appointment of a receiver by the District Court to assist in marshalling assets on behalf of the injured investors. SEC-initiated receiverships frequently arise in connection with pyramid marketing schemes (also known as "Ponzi" schemes). The District Court overseeing this receivership has broad powers and wide discretion to determine the appropriate relief.
The District Court entered an Order on January 19, 2007, appointing Mr. Terry as Receiver, and directing him to (i) oversee the marshalling of investor funds alleged to have been in the possession of IFC and others, and (ii) develop and implement a plan for distributing these funds to their rightful owners. By Administrative Order entered April 9, 2007, the Court approved terms for DurretteBradshaw’s representation of the Receiver, and also the appointment of Keiter, Stephens, Hurst, Gary & Shreaves, P.C. as accountants to the Receiver. This team of professionals intends to fulfill its duties and responsibilities with respect to the receivership in an expedient and efficient manner.