On Thursday, January 24, 2013, the distribution in connection with this matter took place. Additional information regarding this distribution is available to Eligible Claimants by clicking the link here for the Tax Information Statement.
On Wednesday, July 24, 2013 a post card was mailed to potentially eligible claimants who have not yet filed a claim in connection with the SEC v. Wamex matter. The claims filing deadline to submit a claim if you have not yet done so, is September 23, 2013.
Securities and Exchange Commission v.
Wamex Holdings, Inc., et al.
If you purchased or acquired Wamex Holdings, Inc. ("Wamex") common stock from December 1, 1999 through June 13, 2000; U.N. Dollars Corp. ("U.N. Dollars") common stock from December 1, 1999 through March 13, 2000; AbsoluteFuture.com ("AbsoluteFuture") common stock from December 1, 1999 through May 31, 2000; or Ramoil Management, Ltd. ("Ramoil") common stock from December 29, 1999 through May 31, 2000, you may be eligible for compensation.
The Securities and Exchange Commission ("SEC") commenced these actions by filing Complaints dated October 11, 2001, alleging that, during various time periods, the defendant Edward A. Durante ("Durante"), together with the other named defendants, engaged in a fraudulent scheme to manipulate the public market for Wamex, AbsoluteFuture, U.N. Dollars Corp. and Ramoil. In each case, the SEC alleged that generally between November and December 1999 continuing through in or around March through July 2000, Durante orchestrated a series of market manipulations by, among other things, engaging in a series of prearranged market transactions designed to create the false appearance of increasing demand for the Securities.
The SEC was a party to litigation in Canada, which lasted approximately 8 years, involving the British Columbia Securities Commission and which sought a turnover of certain funds from accounts into which Durante had deposited approximately $18,900,000 from profits he made through his unlawful conduct described above. In December 2008 the parties in the Canadian litigation reached a settlement in which the SEC received $14,256,179 (the "Fund"). By Order dated December 16, 2008, the Court directed that the Fund be paid into the Court Registry Investment System ("CRIS"). By Order dated June 9, 2010, the Court consolidated the four actions and directed the Receiver to implement a plan of distribution for payment to injured investors in all four cases.
The Receiver, in consultation with the Commission, prepared the Plan of Distribution, and submitted it to the Court for its approval. By order dated June 29, 2011, the Court approved the Receiver's Application for Authority to Execute and Perform Plan of Distribution, which appointed The Garden City Group, Inc. ("GCG") as Claims Administrator. The Distribution Fund includes all of the funds received from the litigation identified above and deposited in the CRIS account, plus accrued interest.