UNITED STATES DISTRICT COURT 

SOUTHERN DISTRICT OF FLORIDA 

MIAMI DIVISION 

Case No. 1:20-cv-21808-RNS 

TODD BENJAMIN INTERNATIONAL, LTD., 

TODD BENJAMIN, 

Plaintiffs, 

v. 

TCA FUND MANAGEMENT GROUP CORP., 

ROBERT PRESS, ALYCE SCHREIBER, 

WILLIAM FICKLING, THOMAS DAY, 

PATRICK PRIMAVERA, DONNA SILVERMAN 

and TARA ANTAL, 

Defendants. 

______________________________________/ 

NOTICE OF FILING ORDER APPOINTING RECEIVER 

 PLEASE TAKE NOTICE that on May 11, 2020, Jonathan E. Perlman, Esq. was appointed 

as Receiver over TCA Fund Management Group Corp., TCA Global Credit Fund GP, Ltd., TCA 

Global Credit Fund, LP, TCA Global Credit Fund, Ltd. and TCA Global Credit Master Fund, LP, 

in the matter of Securities and Exchange Commission v. TCA Fund Management Group Corp, et, 

al. pending in the United States District Court for the Southern District of Florida (Miami Division) 

(Case No. 20-21964-CIV-ALTONAGA), and gives notice of filing the Order Granting Plaintiff 

Securities and Exchange Commission’s Unopposed Expedited Motion for Appointment of Receiver 

[DE 5] (the “Receiver Order”) attached hereto Exhibit “A” 

 Section VIII of the Receiver Order1

 provides: 

All civil legal proceedings of any nature, including, but not limited to, bankruptcy 

proceedings, arbitration proceedings, foreclosure actions, default proceedings, or other 

actions of any nature involving: (a) the Receiver, in Receiver’s capacity as Receiver; (b) 

 

1

 All capitalized terms not otherwise defined herein shall have the meaning set forth in the Receiver Order. 

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any Receivership Property, wherever located; (c) any of the Receivership Entities, 

including subsidiaries and partnerships; or, (d) any of the Receivership Entities’ past or 

present officers, directors, managers, agents, or general or limited partners sued for, or in 

connection with, any action taken by them while acting in such capacity of any nature, 

whether as plaintiff, defendant, third-party plaintiff, third-party defendant, or otherwise 

(such proceedings are hereinafter referred to as “Ancillary Proceedings”). 

The parties to any and all Ancillary Proceedings are enjoined from commencing or 

continuing any such legal proceeding, or from taking any action, in connection with any 

such proceeding, including, but not limited to, the issuance or employment of process. 

All Ancillary Proceedings are stayed in their entirety, and all courts having any jurisdiction 

thereof are enjoined from taking or permitting any action until further Order of this Court. 

Further, as to a cause of action accrued or accruing in favor of one or more of the 

Receivership Entities against a third person or party, any applicable statute of limitation is 

tolled during the period in which this injunction against commencement of legal 

proceedings is in effect as to that cause of action. 

Dated this 15th day of May, 2020. 

 Respectfully Submitted, 

GENOVESE JOBLOVE & BATTISTA, P.A. 

Attorneys for Jonathan E. Perlman, Esq., 

Receiver 

100 Southeast 2nd Street, 44th Floor 

Miami, FL 33131 

Tel: (305) 349-2300

Fax: (305) 349-2310 

By: /s/ Heather L. Harmon 

Heather L Harmon, Esq. 

Florida Bar No. 013192 

hharmon@gjb-law.com

 

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CERTIFICATE OF SERVICE

I HEREBY CERTIFY that a true and correct copy of the foregoing was filed 

electronically CM/ECF Notification and/or U.S. Mail to all parties on the attached service list on 

this 15th day of May, 2020. 

SERVICE LIST 

Via CM/ECF Notification 

Scott Lance Silver, Esq. 

Silver Law Group 

11780 W. Sample Road 

Coral Springs, FL 33065 

ssilver@silverlaw.com

Counsel for Plaintiffs

Aaron Michael Cohn, Esq. 

Weinberg, Wheeler, Hudgins, Gunn & Dial 

2601 S. Bayshore Drive 

Suite 1500 

Miami, FL 33133-5408 

acohn@wwhgd.com

Counsel for Plaintiffs 

Via U.S. Mail 

TCA Fund Management Group Corp 

c/o Registered Agent 

Schreiber, Alyce 

19950 West Country Club Drive 

Suite 101 

Aventura, FL 33180 

Robert Press 

3000 Island Blvd, Apt. 1603 

Aventura, FL 33160 

Alyce Schreiber 

20900 NE 30th Ave, Ste 801 

Miami, FL 33180-2165 

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William Fickling 

2929 Ingleside Ave 

Macon, GA 31204-1932 

Thomas Day 

19950 W Country Club Dr Ste 101 

Aventura, FL 33180 

Patrick Primavera 

8 Summerfield Drive 

Monroe Township, NJ 08831 

Donna Silverman 

14 Latches Lane 

Cherry Hill, NJ 08003-2234 

Tara Antal 

10199 NW 66th Drive 

Parkland, FL 33076-2907 

 By: /s/ Heather L. Harmon 

Heather L. Harmon, Esq. 

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EXHIBIT A

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UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF FLORIDA

CASE NO. 20-21964-CIV-ALTONAGA/Goodman

SECURITIES AND EXCHANGE COMMISSION, 

Plaintiff,

vs.

TCA FUND MANAGEMENT GROUP CORP., et al.,

Defendants, and

TCA GLOBAL CREDIT FUND, LP; et al.,

Relief Defendants.

______________________________________________/

ORDER GRANTING PLAINTIFF SECURITIES AND EXCHANGE COMMISSION’S 

UNOPPOSED EXPEDITED MOTION FOR APPOINTMENT OF RECEIVER

THIS CAUSE came before the Court on Plaintiff Securities and Exchange Commission’s 

Unopposed Motion and Memorandum of Law for Appointment of Receiver [ECF No. 3]. The 

Court has carefully reviewed the Motion and finds that, based on the record in these proceedings, 

the appointment of a receiver is necessary and appropriate for purposes of marshaling and 

preserving all assets of the Receivership Entities (“Receivership Assets”) and those assets of the 

Receivership Entities that: (a) are attributable to funds derived from investors or clients of the 

Receivership Entities; (b) are held in constructive trust for the Receivership Entities; (c) were 

fraudulently transferred by the Receivership Entities; and/or (d) may otherwise be includable as 

assets of the estates of the Receivership Entities. 

The Receivership Entities have consented to the appointment of a receiver, the Court has 

subject matter jurisdiction over this action and personal jurisdiction over the Receivership 

Entities, and venue properly lies in this District. Therefore, it is

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ORDERED AND ADJUDGED that the Motion [ECF No. 3] is GRANTED as follows:

1. The Court takes exclusive jurisdiction and possession of the assets, of whatever 

kind and wherever situated, of the Receivership Entities.

2. Until further Order of this Court, Jonathan E Perlman is appointed to serve 

without bond as receiver (the “Receiver”) for the estates of the Receivership Entities and is given 

authority to retain Genovese Joblove & Battista as counsel.

I. Asset Freeze

3. Except as otherwise specified herein, all Receivership Assets are frozen until 

further order of the Court. Accordingly, all persons and entities with direct or indirect control 

over any Receivership Assets, other than the Receiver, are hereby restrained and enjoined from 

directly or indirectly transferring, setting off, receiving, changing, selling, pledging, assigning, 

liquidating or otherwise disposing of or withdrawing such assets. This freeze shall include, but 

not be limited to, Receivership Assets that are on deposit with financial institutions such as 

banks, brokerage firms and mutual funds.

II. General Powers and Duties of Receiver

4. The Receiver shall have all powers, authorities, rights and privileges heretofore 

possessed by the officers, directors, managers and general and limited partners of the 

Receivership Entities under applicable state, federal, or foreign law, by the governing charters, 

by-laws, articles and/or agreements in addition to all powers and authority of a receiver at equity, 

and all powers conferred upon a receiver by the provisions of 28 U.S.C. §§ 754, 959 and 1692, 

and Federal Rule of Civil Procedure 66.

5. The trustees, directors, officers, managers, employees, investment advisors, 

accountants, attorneys and other agents of the Receivership Entities are hereby dismissed and the 

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powers of any general partners, directors and/or managers are hereby suspended. Such persons 

and entities shall have no authority with respect to the Receivership Entities’ operations or 

assets, except to the extent as may hereafter be expressly granted by the Receiver. The Receiver 

shall assume and control the operation of the Receivership Entities and shall pursue and preserve 

all their claims.

6. No person holding or claiming any position of any sort with any of the 

Receivership Entities shall possess any authority to act by or on behalf of any of the 

Receivership Entities.

7. Subject to the specific provisions in Sections III through XIV, below, the 

Receiver has the following general powers and duties:

A. To use reasonable efforts to determine the nature, location and value of all 

property interests of the Receivership Entities, including, but not limited 

to, monies, funds, securities, credits, effects, goods, chattels, lands, 

premises, leases, claims, rights and other assets, together with all rents, 

profits, dividends, interest or other income attributable thereto, of 

whatever kind, which the Receivership Entities own, possess, have a 

beneficial interest in, or control directly or indirectly (“Receivership 

Property” or, collectively, the “Receivership Estates”);

B. To take custody, control and possession of all Receivership Property and 

records relevant thereto from the Receivership Entities; to sue for and 

collect, recover, receive and take into possession from third parties all 

Receivership Property and records relevant thereto;

C. To manage, control, operate and maintain the Receivership Estates and 

hold in Receiver’s possession, custody and control all Receivership 

Property, pending further Order of the Court;

D. To use Receivership Property for the benefit of the Receivership Estates, 

making payments and disbursements and incurring expenses as may be 

necessary or advisable in the ordinary course of business in discharging 

Receiver’s duties;

E. To take any action which, prior to the entry of this Order, could have been 

taken by the officers, directors, partners, managers, trustees and agents of 

the Receivership Entities;

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F. To engage and employ persons in Receiver’s discretion to assist Receiver 

in carrying out Receiver’s duties and responsibilities hereunder, including, 

but not limited to, accountants, attorneys, securities traders, registered 

representatives, financial or business advisers, liquidating agents, real 

estate agents, forensic experts, brokers, traders or auctioneers;

G. To take such action as necessary and appropriate for the preservation of 

Receivership Property or to prevent the dissipation or concealment of 

Receivership Property;

H. The Receiver is authorized to issue subpoenas for documents and 

testimony consistent with the Federal Rules of Civil Procedure; 

I. To bring such legal actions based on law or equity in any state, federal, or 

foreign court as the Receiver deems necessary or appropriate in 

discharging Receiver’s duties;

J. To pursue, resist and defend all suits, actions, claims and demands which 

may now be pending or which may be brought by or asserted against the 

Receivership Estates; and,

K. To take such other action as may be approved by the Court.

III. Access to Information

8. The Receivership Entities and the past and/or present officers, directors, agents, 

managers, general and limited partners, trustees, attorneys, accountants and employees of the 

Receivership Entities, as well as those acting in their place, are ordered and directed to preserve 

and turn over to the Receiver forthwith all paper and electronic information of, and/or relating to, 

the Receivership Entities and/or all Receivership Property; such information shall include but not 

be limited to books, records, documents, accounts and all other instruments and papers.

9. The Receivership Entities and the Receivership Entities’ past and/or present 

officers, directors, agents, attorneys, managers, shareholders, employees, accountants, debtors, 

creditors, managers and general and limited partners, and other appropriate persons or entities 

shall answer under oath to the Receiver all questions which the Receiver may put to them and 

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produce all documents as required by the Receiver regarding the business of the Receivership 

Entities, or any other matter relevant to the operation or administration of the receivership or the 

collection of funds due to the Receivership Entities. In the event the Receiver deems it necessary 

to require the appearance of the aforementioned persons or entities, the Receiver shall make its 

discovery requests in accordance with the Federal Rules of Civil Procedure.

10. To issue subpoenas to compel testimony of persons or production of records, 

consistent with the Federal Rules of Civil Procedure and applicable Local Rules, except for the 

provisions of Federal Rule of Civil Procedure 26(d)(1), concerning any subject matter within the 

powers and duties granted by this Order.

IV. Access to Books, Records and Accounts

11. The Receiver is authorized to take immediate possession of all assets, bank 

accounts or other financial accounts, books and records and all other documents or instruments 

relating to the Receivership Entities. All persons and entities having control, custody or 

possession of any Receivership Property are hereby directed to turn such property over to the 

Receiver.

12. The Receivership Entities and the Receivership Entities’ past and/or present 

officers, directors, agents, attorneys, managers, shareholders, employees, accountants, debtors, 

creditors, managers and general and limited partners, and other appropriate persons or entities 

shall cooperate with and assist the Receiver in the performance of Receiver’s duties.

13. The Receivership Entities, as well as their agents, servants, employees, attorneys, 

any persons acting for or on behalf of the Receivership Entities, and any persons receiving notice 

of this Order by personal service, facsimile transmission or otherwise, having possession of the 

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property, business, books, records, accounts or assets of the Receivership Entities are directed to 

deliver the same to the Receiver or the Receiver’s agents and/or employees.

14. All banks, brokerage firms, financial institutions, and other persons or entities that

have possession, custody or control of any assets or funds held by, in the name of, or for the 

benefit of, directly or indirectly, and of the Receivership Entities that receive actual notice of this 

Order by personal service, facsimile transmission or otherwise shall:

A. Not liquidate, transfer, sell, convey or otherwise transfer any assets, 

securities, funds, or accounts in the name of or for the benefit of the 

Receivership Entities except upon instructions from the Receiver;

B. Not exercise any form of set-off, alleged set-off, lien, or any form of selfhelp whatsoever, or refuse to transfer any funds or assets to the Receiver’s 

control without the permission of this Court;

C. Within five (5) business days of receipt of that notice, file with the Court 

and serve on the Receiver and counsel for the Commission a certified 

statement setting forth, with respect to each such account or other asset, 

the balance in the account or description of the assets as of the close of 

business on the date of receipt of the notice; and,

D. Cooperate expeditiously in providing information and transferring funds, 

assets and accounts to the Receiver or at the direction of the Receiver.

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V. Access to Real and Personal Property

15. The Receiver is authorized to take immediate possession of all personal property 

of the Receivership Entities, wherever located, including but not limited to electronically stored 

information, computers, laptops, hard drives, external storage drives, and any other such 

memory, media or electronic storage devices, books, papers, data processing records, evidence of 

indebtedness, bank records and accounts, savings records and accounts, brokerage records and 

accounts, certificates of deposit, stocks, bonds, debentures, and other securities and investments, 

contracts, mortgages, furniture, office supplies and equipment.

16. The Receiver is authorized to take immediate possession of all real property of the 

Receivership Entities, wherever located, including but not limited to all ownership and leasehold 

interests and fixtures. Upon receiving actual notice of this Order by personal service, facsimile 

transmission or otherwise, all persons other than law enforcement officials acting within the 

course and scope of their official duties, are (without the express written permission of the 

Receiver) prohibited from: (a) entering such premises; (b) removing anything from such 

premises; or, (c) destroying, concealing or erasing anything on such premises.

17. In order to execute the express and implied terms of this Order, the Receiver is 

authorized to change door locks to the premises described above. The Receiver shall have 

exclusive control of the keys. The Receivership Entities, or any other person acting or 

purporting to act on their behalf, are ordered not to change the locks in any manner, nor to have 

duplicate keys made, nor shall they have keys in their possession during the term of the 

receivership.

18. The Receiver is authorized to open all mail directed to or received by or at the 

offices or post office boxes of the Receivership Entities, and to inspect all mail opened prior to 

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the entry of this Order, to determine whether items or information therein fall within the 

mandates of this Order.

VI. Notice to Third Parties

19. The Receiver shall promptly give notice of Receiver’s appointment to all known 

officers, directors, agents, employees, shareholders, creditors, debtors, managers and general and 

limited partners of the Receivership Entities, as the Receiver deems necessary or advisable to 

effectuate the operation of the receivership.

20. All persons and entities owing any obligation, debt, or distribution with respect to 

an ownership interest to any Receivership Entity shall, until further ordered by the Court, pay all 

such obligations in accordance with the terms thereof to the Receiver and its receipt for such 

payments shall have the same force and effect as if the Receivership Entity had received such 

payment.

21. In furtherance of Receiver’s responsibilities in this matter, the Receiver is 

authorized to communicate with, and/or serve this Order upon, any person, entity or government 

office that he deems appropriate to inform them of the status of this matter and/or the financial 

condition of the Receivership Estates. All government offices which maintain public files of 

security interests in real and personal property shall, consistent with such office’s applicable 

procedures, record this Order upon the request of the Receiver or the Commission.

22. The Receiver is authorized to instruct the United States Postmaster to hold and/or 

reroute mail which is related, directly or indirectly, to the business, operations or activities of any 

of the Receivership Entities (the “Receiver’s Mail”), including all mail addressed to, or for the 

benefit of, the Receivership Entities. The Postmaster shall not comply with, and shall 

immediately report to the Receiver, any change of address or other instruction given by anyone 

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other than the Receiver concerning the Receiver’s Mail. The Receivership Entities shall not 

open any of the Receiver’s Mail and shall immediately turn over such mail, regardless of when 

received, to the Receiver. All personal mail of any Receivership Entities, and/or any mail 

appearing to contain privileged information, and/or any mail not falling within the mandate of 

the Receiver, shall be released to the named addressee by the Receiver. The foregoing 

instructions shall apply to any proprietor, whether individual or entity, of any private mailbox, 

depository, business or service, or mail courier or delivery service, hired, rented or used by the 

Receivership Entities. The Receivership Entities shall not open a new mailbox or take any steps 

or make any arrangements to receive mail in contravention of this Order, whether through the 

U.S. mail, a private mail depository or courier service.

23. Subject to payment for services provided, any entity furnishing water, electric, 

telephone, sewage, garbage or trash removal services to the Receivership Entities shall maintain 

such service and transfer any such accounts to the Receiver unless instructed to the contrary by 

the Receiver.

VII. Injunction Against Interference with Receiver

24. The Receivership Entities and all persons receiving notice of this Order by 

personal service, facsimile or otherwise, are hereby restrained and enjoined from directly or 

indirectly taking any action or causing any action to be taken, without the express written 

agreement of the Receiver, which would:

A. Interfere with the Receiver’s efforts to take control, possession, or 

management of any Receivership Property; such prohibited actions 

include but are not limited to, using self-help or executing or issuing or 

causing the execution or issuance of any court attachment, subpoena, 

replevin, execution, or other process for the purpose of impounding or 

taking possession of or interfering with or creating or enforcing a lien 

upon any Receivership Property;

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B. Hinder, obstruct or otherwise interfere with the Receiver in the 

performance of Receiver’s duties; such prohibited actions include but are 

not limited to, concealing, destroying or altering records or information;

C. Dissipate or otherwise diminish the value of any Receivership Property; 

such prohibited actions include but are not limited to, releasing claims or 

disposing, transferring, exchanging, assigning or in any way conveying 

any Receivership Property, enforcing judgments, assessments or claims 

against any Receivership Property or any Receivership Entity, attempting 

to modify, cancel, terminate, call, extinguish, revoke or accelerate (the due 

date), of any lease, loan, mortgage, indebtedness, security agreement or 

other agreement executed by any Receivership Entity or which otherwise 

affects any Receivership Property; or,

D. Interfere with or harass the Receiver or interfere in any manner with the 

exclusive jurisdiction of this Court over the Receivership Entities.

25. The Receiver shall promptly notify the Court and Commission counsel of any 

failure or apparent failure of any person or entity to comply in any way with the terms of this 

Order.

VIII. Stay of Litigation

26. As set forth in detail below, the following proceedings, excluding the instant 

proceeding and all police or regulatory actions and actions of the Commission related to the 

above-captioned enforcement action, are stayed until further Order of the Court:

All civil legal proceedings of any nature, including, but not limited to, bankruptcy 

proceedings, arbitration proceedings, foreclosure actions, default proceedings, or other 

actions of any nature involving: (a) the Receiver, in Receiver’s capacity as Receiver; (b) 

any Receivership Property, wherever located; (c) any of the Receivership Entities, 

including subsidiaries and partnerships; or, (d) any of the Receivership Entities’ past or 

present officers, directors, managers, agents, or general or limited partners sued for, or in 

connection with, any action taken by them while acting in such capacity of any nature, 

whether as plaintiff, defendant, third-party plaintiff, third-party defendant, or otherwise 

(such proceedings are hereinafter referred to as “Ancillary Proceedings”).

27. The parties to any and all Ancillary Proceedings are enjoined from commencing 

or continuing any such legal proceeding, or from taking any action, in connection with any such 

proceeding, including, but not limited to, the issuance or employment of process.

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28. All Ancillary Proceedings are stayed in their entirety, and all courts having any 

jurisdiction thereof are enjoined from taking or permitting any action until further Order of this 

Court. Further, as to a cause of action accrued or accruing in favor of one or more of the 

Receivership Entities against a third person or party, any applicable statute of limitation is tolled 

during the period in which this injunction against commencement of legal proceedings is in 

effect as to that cause of action.

IX. Managing Assets

29. For each of the Receivership Estates, the Receiver shall establish one or more 

custodial accounts at a federally insured bank to receive and hold all cash equivalent 

Receivership Property (the “Receivership Funds”).

30. The Receiver’s deposit account shall be entitled, together with the name of the 

action:

A. Receiver’s Account, Estate of TCA Fund Management Group Corp.

B. Receiver’s Account, Estate of TCA Global Credit Fund GP, Ltd.

C. Receiver’s Account, Estate of TCA Global Credit Fund, LP

D. Receiver’s Account, Estate of TCA Global Credit Fund, Ltd.

E. Receiver's Account, Estate of TCA Global Credit Master Fund, LP

31. The Receiver may, without further Order of the Court, transfer, compromise, or 

otherwise dispose of any Receivership Property, other than real estate, in the ordinary course of 

business, on terms and in the manner the Receiver deems most beneficial to the Receivership 

Estate, and with due regard to the realization of the true and proper value of such Receivership 

Property.

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32. Subject to Paragraph 33 immediately below, the Receiver is authorized to locate, 

list for sale or lease, engage a broker for sale or lease, cause the sale or lease, and take all 

necessary and reasonable actions to cause the sale or lease of all real property in the Receivership 

Estates, either at public or private sale, on terms and in the manner the Receiver deems most 

beneficial to the Receivership Estate, and with due regard to the realization of the true and proper 

value of such real property.

33. Upon further Order of the Court, pursuant to such procedures as may be required 

by this Court and additional authority such as 28 U.S.C. §§ 2001 and 2004, the Receiver will be 

authorized to sell, and transfer clear title to, all real property in the Receivership Estates.

34. The Receiver is authorized to take all actions to manage, maintain, and/or winddown business operations of the Receivership Estates, including making legally required 

payments to creditors, employees, and agents of the Receivership Estates and communicating 

with vendors, investors, governmental and regulatory authorities, and others, as appropriate.

35. The Receiver shall take all necessary steps to enable the Receivership Funds to 

obtain and maintain the status of a taxable “Settlement Fund,” within the meaning of Section 

468B of the Internal Revenue Code and of the regulations, when applicable. 

X. Investigate and Prosecute Claims

36. Subject to the requirement, in Section VII above, that leave of this Court is 

required to resume or commence certain litigation, the Receiver is authorized, empowered and 

directed to investigate, prosecute, defend, intervene in or otherwise participate in, compromise, 

and/or adjust actions in any state, federal or foreign court or proceeding of any kind as may in 

Receiver’s discretion, and in consultation with Commission counsel, be advisable or proper to 

recover and/or conserve Receivership Property.

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37. Subject to Receiver’s obligation to expend receivership funds in a reasonable and 

cost-effective manner, the Receiver is authorized, empowered and directed to investigate the 

manner in which the financial and business affairs of the Receivership Entities were conducted 

and (after obtaining leave of this Court) to institute such actions and legal proceedings, for the 

benefit and on behalf of the Receivership Estate, as the Receiver deems necessary and 

appropriate; the Receiver may seek, among other legal and equitable relief, the imposition of 

constructive trusts, disgorgement of profits, asset turnover, avoidance of fraudulent transfers, 

rescission and restitution, collection of debts, and such other relief from this Court as may be 

necessary to enforce this Order. Where appropriate, the Receiver should provide prior notice to 

Counsel for the Commission before commencing investigations and/or actions.

38. The Receiver hereby holds, and is therefore empowered to waive, all privileges, 

including the attorney-client privilege, held by all Receivership Entities.

39. The receiver has a continuing duty to ensure that there are no conflicts of interest 

between the Receiver, Receiver’s Retained Personnel (as that term is defined below), and the 

Receivership Estate.

XI. Bankruptcy Filing

40. The Receiver may seek authorization of this Court to file voluntary petitions for 

relief under Title 11 of the United States Code (the “Bankruptcy Code”) for the Receivership 

Entities. If a Receivership Entity is placed in bankruptcy proceedings, the Receiver may 

become, and may be empowered to operate each of the Receivership Estates as, a debtor in 

possession. In such a situation, the Receiver shall have all the powers and duties as provided a 

debtor in possession under the Bankruptcy Code to the exclusion of any other person or entity. 

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Pursuant to Paragraph 4 above, the Receiver is vested with management authority for all 

Receivership Entities and may therefore file and manage a Chapter 11 petition. 

41. The provisions of Section VIII above bar any person or entity, other than the 

Receiver, from placing any of the Receivership Entities in bankruptcy proceedings.

XII. Liability of Receiver

42. Until further Order of the Court, the Receiver shall not be required to post bond or 

give an undertaking of any type in connection with Receiver’s fiduciary obligations in this 

matter.

43. The Receiver and Receiver’s agents, acting within scope of such agency 

(“Retained Personnel”) are entitled to rely on all outstanding rules of law and Orders of the Court 

and shall not be liable to anyone for their own good faith compliance with any order, rule, law, 

judgment, or decree. In no event shall the Receiver or Retained Personnel be liable to anyone for 

their good faith compliance with their duties and responsibilities as Receiver or Retained 

Personnel, nor shall the Receiver or Retained Personnel be liable to anyone for any actions taken 

or omitted by them except upon a finding by the Court that they acted or failed to act as a result 

of malfeasance, bad faith, gross negligence, or in reckless disregard of their duties.

44. The Court shall retain jurisdiction over any action filed against the Receiver or 

Retained Personnel based upon acts or omissions committed in their representative capacities.

45. In the event the Receiver decides to resign, the Receiver shall first give written 

notice to the Commission’s counsel of record and the Court of its intention, and the resignation 

shall not be effective until the Court appoints a successor. The Receiver shall then follow such 

instructions as the Court may provide.

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XIII. Recommendations and Reports

46. The Receiver is authorized, empowered and directed to develop a plan for the fair, 

reasonable, and efficient recovery and liquidation of all remaining, recovered, and recoverable 

Receivership Property (the “Liquidation Plan”).

47. Within ninety (90) days of the entry date of this Order, the Receiver shall file the 

Liquidation Plan in the above-captioned action, with service copies to counsel of record.

48. Within thirty (30) days after the end of each calendar quarter, the Receiver shall 

file and serve a full report and accounting of each Receivership Estate (the “Quarterly Status 

Report”), reflecting (to the best of the Receiver’s knowledge as of the period covered by the 

report) the existence, value, and location of all Receivership Property, and of the extent of 

liabilities, both those claimed to exist by others and those the Receiver believes to be legal 

obligations of the Receivership Estates.

49. The Quarterly Status Report shall contain the following:

A. A summary of the operations of the Receiver;

B. The amount of cash on hand, the amount and nature of accrued 

administrative expenses, and the amount of unencumbered funds in the 

estate;

C. A schedule of all the Receiver’s receipts and disbursements (attached as 

Exhibit A to the Quarterly Status Report), with one column for the 

quarterly period covered and a second column for the entire duration of 

the receivership;

D. A description of all known Receivership Property, including approximate 

or actual valuations, anticipated or proposed dispositions, and reasons for 

retaining assets where no disposition is intended;

E. A description of liquidated and unliquidated claims held by the 

Receivership Estate, including the need for forensic and/or investigatory 

resources; approximate valuations of claims; and anticipated or proposed 

methods of enforcing such claims (including likelihood of success in: (i) 

reducing the claims to judgment; and, (ii) collecting such judgments);

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F. A list of all known creditors with their addresses and the amounts of their 

claims;

G. The status of Creditor Claims Proceedings, after such proceedings have 

been commenced; and,

H. The Receiver’s recommendations for a continuation or discontinuation of 

the receivership and the reasons for the recommendations.

50. On the request of the Commission, the Receiver shall provide the Commission 

with any documentation that the Commission deems necessary to meet its reporting 

requirements, that is mandated by statute or Congress, or that is otherwise necessary to further 

the Commission’s mission.

XIV. Fees, Expenses and Accountings

51. Subject to Paragraphs 52-58 immediately below, the Receiver need not obtain 

Court approval prior to the disbursement of Receivership Funds for expenses in the ordinary 

course of the administration and operation of the receivership. Further, prior Court approval is 

not required for payments of applicable federal, state or local taxes.

52. Subject to Paragraph 53 immediately below, the Receiver is authorized to solicit 

persons and entities (“Retained Personnel”) to assist Receiver in carrying out the duties and 

responsibilities described in this Order. Except for counsel retained by the Receiver pursuant to 

Paragraph 2 of this Order, the Receiver shall not engage any Retained Personnel without first 

obtaining an Order of the Court authorizing such engagement.

53. The Receiver and Retained Personnel are entitled to reasonable compensation and 

expense reimbursement from the Receivership Estates as described in the “Billing Instructions 

for Receivers in Civil Actions Commenced by the U.S. Securities and Exchange Commission” 

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(the “Billing Instructions”) agreed to by the Receiver. Such compensation shall require the prior 

approval of the Court.

54. Within forty-five (45) days after the end of each calendar quarter, the Receiver 

and Retained Personnel shall apply to the Court for compensation and expense reimbursement 

from the Receivership Estates (the “Quarterly Fee Applications”). At least thirty (30) days prior to 

filing each Quarterly Fee Application with the Court, the Receiver will serve upon counsel for the 

Commission a complete copy of the proposed Application, together with all exhibits and relevant 

billing information in a format to be provided by Commission staff.

55. All Quarterly Fee Applications will be interim and will be subject to cost benefit 

and final reviews at the close of the receivership. At the close of the receivership, the Receiver 

will file a final fee application, describing in detail the costs and benefits associated with all 

litigation and other actions pursued by the Receiver during the receivership.

56. Quarterly Fee Applications may be subject to a holdback in the amount of 20% of 

the amount of fees and expenses for each application filed with the Court. The total amounts 

held back during the receivership will be paid out at the discretion of the Court as part of the 

final fee application submitted at the close of the receivership.

57. Each Quarterly Fee Application shall:

A. Comply with the terms of the Billing Instructions agreed to by the 

Receiver; and,

B. Contain representations (in addition to the Certification required by the 

Billing Instructions) that: (i) the fees and expenses included therein were 

incurred in the best interests of the Receivership Estate; and, (ii) with the 

exception of the Billing Instructions, the Receiver has not entered into any 

agreement, written or oral, express or implied, with any person or entity 

concerning the amount of compensation paid or to be paid from the 

Receivership Estate, or any sharing thereof.

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58. At the close of the Receivership, the Receiver shall submit a Final Accounting, in 

a format to be provided by Commission staff, as well as the Receiver’s final application for 

compensation and expense reimbursement.

DONE AND ORDERED in Miami, Florida, this 11th day of May, 2020.

 _________________________________

 CECILIA M. ALTONAGA

 UNITED STATES DISTRICT JUDGE

cc: counsel of record 

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