Atlanta Receivership Lawyers


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Receivership is the situation when an enterprise is held by a receiver, defined as an individual who is given “custodial responsibility” for the property, including tangible and intangible assets. Receiverships are commonly used when an enterprise cannot meet its financial obligations or in bankruptcy cases. A receiver can be appointed privately, by a government body, or by the courts. The terms of the appointment dictate the power of the receiver in the individual case.

Once appointed, a receiver governs all the affairs of the enterprise with an eye toward protecting assets and charting a path for the future, a path that may include liquidation.

Cauthorn Nohr & Owen has several attorneys, including Tom Cauthorn and Jason Nohr, experienced in managing receiverships.

 

RECEIVERSHIP CASES

SEC vs. MSC Holdings USA, LLC, McClintock, Alexander, et al.

SEC vs. MSC Holdings USA, LLC, McClintock, Alexander, et al.

Jason L. Nohr appointed as Receiver by United States District Court for the Northern District of Georgia, pursuant to recommendation by the Securities Exchange Commission ("SEC").

On November 19, 2012, the U.S. Securities and Exchange Commission (“SEC”) filed an application for a temporary restraining order and other equitable relief, alleging that Defendants Billy Wayne McClintock, and Dianne Alexander a/k/a Linda Dianne Alexander (“Alexander”) were operating a type of Ponzi scheme known as a “prime bank fraud” using entities called MSC Holdings, Inc., MSC GA Holdings, LLC, and MSC Holdings USA. McClintock and Alexander raised over $15 million from over 200 investors in more than 20 states, including Georgia, by telling investors that their money would be placed with a clandestine overseas entity that McClintock and Alexander refer to only as “the Trust.” McClintock and Alexander misrepresented that the Trust would generate a return of at least 38 percent.

Upon recommendation of the SEC, U.S. District Judge Steve Jones appointed Jason Nohr as the Receiver for MSC Holdings and related companies on February 11, 2013.

The Receiver and his team have been working diligently to uncover the money Defendants fraudulently obtained from investors and locate assets purchased with those ill-gotten gains in an effort to ultimately return those funds to the victims of the Defendants’ illicit scheme.

On January 25, 2018, Billy Wayne McClintock was convicted of seven counts of conspiracy and mail fraud arising from his role in operating MSC Holdings as an illicit Ponzi scheme.  The indictment and prosecution was by the Department of Justice and Assistant United States Attorney Doug Gilfillan and the guilty verdicts followed a one week trial before United State District Court Judge Eleanor L. Ross.  Receiver Jason L. Nohr was called to testify as a witness for the prosecution.


 

CONTACT US

If you were an investor in the illicit scheme described by the SEC’s Complaint for Injunctive Relief,
please provide us with your name, address, contact information, and the amounts that you invested in the fund in the form below.

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