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Indictment

On September 25, 2019, the United States Attorney for the Northern District of Georgia filed a Criminal Indictment, under seal, against James Torchia in connection with his involvement with Credit Nation Capital and its affiliated entities. The indictment was unsealed on Wednesday, October 9, 2019. You can read the indictment here.

Status Conference

Separately, we will be filing the regular quarterly report for the receivership by the end of October, but we have received several calls recently, asking if the receivership will be liquidated before the end of 2019 so that investors can claim tax losses this year. While we are making every effort to bring this to closure this year, ongoing litigation by a small group of investors and two pending cases initiated by the receiver to try to recover assets prevent us from making a full and final distribution at this time. Magistrate Judge Bly, who is now handling the SEC’s case and overseeing the receivership, held a status conference in early October to go over pending motions that the Court needs to decide. We believe that the Court will be moving more quickly in the near future to deal with these outstanding cases. We will continue to push for resolution of the remaining claims and, once resolution is reached, we will make a final distribution as quickly as possible. Please continue to check the website for updates and, of course, don’t hesitate to contact me.