UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF FLORIDA

CASE NO. 20-CIV-81205-RAR

SECURITIES AND EXCHANGE 

COMMISSION,

Plaintiff,

v.

COMPLETE BUSINESS SOLUTIONS 

GROUP, INC. d/b/a PAR FUNDING, et al.,

Defendants.

_______________________________/ 

AMENDED ORDER APPOINTING RECEIVER

THIS CAUSE comes before the Court upon Plaintiff Securities and Exchange Commission’s

(“SEC” or “Commission”) Expedited Motion to Amend Receivership Order [ECF No. 105] 

(“Motion”), filed on August 7, 2020, and the Court’s Order granting the Motion [ECF No. 140], 

entered on August 13, 2020. 

WHEREAS as set forth in the Court’s July 27, 2020 Order appointing the Receiver [ECF No. 

36], the Court found that, based on the record in these proceedings, the appointment of a receiver in 

this action is necessary and appropriate for the purposes of marshaling and preserving all assets of 

the Defendants (“Receivership Assets”) and those assets of the Relief Defendant that: (a) are 

attributable to funds derived from investors or clients of the Defendants; (b) are held in constructive 

trust for the Defendants; and/or (c) may otherwise be includable as assets of the estates of the 

Defendants (collectively, “Recoverable Assets”); and,

WHEREAS this Court has subject matter jurisdiction over this action and personal 

jurisdiction over the Defendants, and venue properly lies in this district, it is hereby

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ORDERED AND ADJUDGED as follows:

1. This Court hereby takes exclusive jurisdiction and possession of the assets, of 

whatever kind and wherever situated, of the following Defendants: Complete Business Solutions 

Group, Inc. d/b/a Par Funding (“Par Funding”), Full Spectrum Processing, Inc., 

ABetterFinancialPlan.com LLC d/b/a A Better Financial Plan (“ABFP”), ABFP Management 

Company, LLC f/k/a Pillar Life Settlement Management Company, LLC (“ABFP Management”), 

ABFP Income Fund, LLC, ABFP Income Fund 2, L.P., United Fidelis Group Corp., Fidelis Financial 

Planning LLC, Retirement Evolution Group, LLC, RE Income Fund LLC, and RE Income Fund 2 

LLC; and the following related entities: ABFP Income Fund 3, LLC, ABFP Income Fund 4, LLC, 

ABFP Income Fund 6, LLC, ABFP Income Fund Parallel LLC, ABFP Income Fund 2 Parallel, ABFP 

Income Fund 3 Parallel, ABFP Income Fund 4 Parallel, and ABFP Income Fund 6 Parallel 

(collectively, “Receivership Entities”).

2. Until further Order of this Court, Ryan Stumphauzer, Esq. is appointed to serve 

without bond as receiver (“Receiver”) for the estates of the Receivership Entities.

I. Asset Freeze

3. Except as otherwise specified herein, all Receivership Assets and Recoverable 

Assets are frozen until further order of this Court. Accordingly, all persons and entities with direct 

or indirect control over any Receivership Assets and/or any Recoverable 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 and/or 

Recoverable Assets that are on deposit with financial institutions such as banks, brokerage firms and 

mutual funds.

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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 and federal 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 Fed. R. Civ. P. 66.

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

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

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 of 

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 

shall have 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, 

“Receivership Estates”);

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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 his possession, custody and control all Receivership Property, pending 

further Order of this 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 his 

duties as Receiver;

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;

F. To engage and employ persons in his discretion to assist him in carrying out 

his 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 

his duties as Receiver;

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 this Court.

III. Access to Information

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

directors, agents, managers, general and limited partners, trustees, attorneys, accountants and

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employees of the entity Receivership Entities, as well as those acting in their place, are hereby 

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. Within ten days of the entry of this Order, the Receivership Entities shall file with 

the Court and serve upon the Receiver and the Commission a sworn statement, listing: (a) the 

identity, location and estimated value of all Receivership Property; (b) all employees (and job 

titles thereof), other personnel, attorneys, accountants and any other agents or contractors of the 

Receivership Entities; and, (c) the names, addresses and amounts of claims of all known creditors 

of the Receivership Entities.

10. Within thirty (30) days of the entry of this Order, the Receivership Entities shall 

file with the Court and serve upon the Receiver and the Commission a sworn statement and 

accounting, with complete documentation, covering the period from January 1, 2015 to the 

present:

A. Of all Receivership Property, wherever located, held by or in the name of 

the Receivership Entities, or in which any of them, directly or indirectly, 

has or had any beneficial interest, or over which any of them maintained or 

maintains and/or exercised or exercises control, including, but not limited 

to: (a) all securities, investments, funds, real estate, automobiles, jewelry 

and other assets, stating the location of each; and (b) any and all accounts, 

including all funds held in such accounts, with any bank, brokerage or other 

financial institution held by, in the name of, or for the benefit of any of 

them, directly or indirectly, or over which any of them maintained or 

maintains and/or exercised or exercises any direct or indirect control, or in 

which any of them had or has a direct or indirect beneficial interest, 

including the account statements from each bank, brokerage or other 

financial institution;

B. Identifying every account at every bank, brokerage or other financial 

institution: (a) over which Receivership Entities have signatory authority; 

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and (b) opened by, in the name of, or for the benefit of, or used by, the 

Receivership Entities;

C. Identifying all credit, bank, charge, debit or other deferred payment card 

issued to or used by each Receivership Entity, including but not limited to 

the issuing institution, the card or account number(s), all persons or entities 

to which a card was issued and/or with authority to use a card, the balance 

of each account and/or card as of the most recent billing statement, and all 

statements for the last twelve months;

D. Of all assets received by any of them from any person or entity, including 

the value, location, and disposition of any assets so received;

E. Of all funds received by the Receivership Entities, and each of them, in any 

way related, directly or indirectly, to the conduct alleged in the 

Commission’s Complaint. The submission must clearly identify, among 

other things, all investors, the securities they purchased, the date and 

amount of their investments, and the current location of such funds;

G. Of all expenditures exceeding $1,000 made by any of them, including those 

made on their behalf by any person or entity; and

H. Of all transfers of assets made by any of them.

11. Within thirty (30) days of the entry of this Order, the Receivership Entities shall 

provide to the Receiver and the Commission copies of the Receivership Entities’ federal income 

tax returns for 2015 through present with all relevant and necessary underlying documentation.

12. The individual 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 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 that the Receiver deems it 

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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.

13. The Receiver is authorized 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 Fed. R. Civ. P. 26(d)(1), concerning any subject matter within 

the powers and duties granted by this Order.

14. The Receivership Entities are required to assist the Receiver in fulfilling his duties 

and obligations. As such, they must respond promptly and truthfully to all requests for 

information and documents from the Receiver.

IV. Access to Books, Records, and Accounts

15. 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.

16. 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 

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

directed to deliver the same to the Receiver, his agents and/or employees.

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

which 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:

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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.

V. Access to Real and Personal Property

18. 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.

19 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.

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20. 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.

21. 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 the 

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

this Order.

22. Upon the request of the Receiver, the United States Marshal Service, in any 

judicial district, is hereby ordered to assist the Receiver in carrying out his duties to take 

possession, custody and control of, or identify the location of, any assets, records or other materials 

belonging to the Receivership Estates.

VI. Notice to Third Parties

23. The Receiver shall promptly give notice of his 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.

24. 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 this 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.

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25. In furtherance of his 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 SEC.

26. 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 (“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 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 individual 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.

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

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

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

Receiver.

VII. Injunction Against Interference with Receiver

29. 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;

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

of his 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 Estates.

30. The Receivership Entities shall cooperate with and assist the Receiver in the 

performance of his duties.

31. The Receiver shall promptly notify the Court and SEC counsel of any failure or 

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

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VIII. Stay of Litigation

32. As set forth in detail below, and excluding the instant proceeding, all police or 

regulatory actions and actions of the Commission related to the above-captioned enforcement 

action, and the proceedings specified in the Court’s Order Granting the Receiver’s Emergency 

Motion to Lift Litigation Injunction as to Certain Garnishment Proceedings [ECF No. 112], the 

following proceedings are stayed until further Order of this 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 his 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”).

33. 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.

34. 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

35. 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 (“Receivership Funds”).

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36. The Receiver’s deposit account shall be entitled “Receiver’s Account, Estate of 

[Receivership Entity]” together with the name of the action.

37. The Receiver may, without further Order of this 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.

38. Subject to Paragraph 39, 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.

39. Upon further Order of this 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.

40. 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.

41. 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, whether proposed, 

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temporary or final, or pronouncements thereunder, including the filing of the elections and 

statements contemplated by those provisions. The Receiver shall be designated the administrator 

of the Settlement Fund, pursuant to Treas. Reg. § 1.468B-2(k)(3)(i), and shall satisfy the 

administrative requirements imposed by Treas. Reg. § 1.468B-2, including but not limited to (a) 

obtaining a taxpayer identification number, (b) timely filing applicable federal, state, and local tax 

returns and paying taxes reported thereon, and (c) satisfying any information, reporting or

withholding requirements imposed on distributions from the Settlement Fund. The Receiver shall 

cause the Settlement Fund to pay taxes in a manner consistent with treatment of the Settlement 

Fund as a “Qualified Settlement Fund.” The Receivership Entities shall cooperate with the 

Receiver in fulfilling the Settlement Funds’ obligations under Treas. Reg. § 1.468B-2.

X. Investigate and Prosecute Claims

42. Subject to the requirement, in Section VIII 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 his 

discretion, and in consultation with SEC counsel, be advisable or proper to recover and/or conserve 

Receivership Property.

43. Subject to his obligation to expend receivership funds in a reasonable and costeffective 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, 

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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.

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

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

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

between the Receiver, his Retained Personnel (as that term is defined below), and the Receivership 

Estate.

XI. Bankruptcy Filing

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

relief under Title 11 of the United States Code (“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 of the powers and duties as provided a debtor in possession 

under the Bankruptcy Code to the exclusion of any other person or entity. Pursuant to Paragraph 

4 above, the Receiver is vested with management authority for all entity Receivership Entities and 

may therefore file and manage a Chapter 11 petition.

47. 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

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

or give an undertaking of any type in connection with his fiduciary obligations in this matter.

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49. The Receiver and his agents, acting within scope of such agency (“Retained 

Personnel”) are entitled to rely on all outstanding rules of law and Orders of this 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 this Court that they acted or failed to act as a result of malfeasance, bad 

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

50. This Court shall retain jurisdiction over any action filed against the Receiver or 

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

51. 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.

XIII. Recommendations and Reports

52. If the Receiver deems it necessary, the Receiver is authorized to develop a plan 

for the fair, reasonable, and efficient recovery and liquidation of all remaining, recovered, and 

recoverable Receivership Property (“Liquidation Plan”) for review by the Court. The Receiver 

shall file the Liquidation Plan in the above-captioned action, with service copies to counsel of

record.

53. 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 (“Quarterly Status Report”),

reflecting (to the best of the Receiver’s knowledge as of the period covered by the report) the 

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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.

54. 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);

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.

55. 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.

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XIV. Fees, Expenses and Accountings

56. Subject to Paragraphs 57 – 63 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.

57. Subject to Paragraph 58 immediately below, the Receiver is authorized to solicit 

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

responsibilities described in this Order. The Receiver shall not engage any Retained Personnel 

without first obtaining an Order of the Court authorizing such engagement.

58. 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” 

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

approval of the Court.

59. 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 (“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 SEC a 

complete copy of the proposed Application, together with all exhibits and relevant billing information

in a format to be provided by SEC staff.

60. 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 

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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 course of the receivership.

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

fees and expenses for each application filed with the Court. The total amounts held back during 

the course of 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.

62. 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.

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

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

and expense reimbursement.

DONE AND ORDERED in Fort Lauderdale, Florida, this 13th day of August, 2020.

_____________________________

RODOLFO A. RUIZ II 

UNITED STATES DISTRICT JUDGE 

Copies to: Counsel of Record

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