What is a Receiver?
A Receiver is an individual appointed as a neutral party to take control of assets and to manage them during the period of litigation. The assigned Court provides direction concerning the Receiver’s enumerated responsibilities and tasks. The Receiver will make periodic reports which will be filed with the Court and posted on this site.
Who does the Receiver work for?
The Receiver is an officer appointed by the Court, and therefore works for the appointing judge. The Court will give specific direction to what is necessary to control and stabilize the assets and liquidate and distribute the proceeds in an appropriate and professional manner.
How do I file a claim?
The Receiver will seek approval from the Court to initiate a claim filing process and will update this Website. A deadline has not yet been set by the Court to file a claim.
Is the Receiver under any time constraints by the Court and the CFTC?
There is no specific timeline. The Receiver intends to move in an expeditious and timely manner but will be diligent with respect to the importance of the case. Even assuming success in recovering enough assets to make a distribution, that distribution will not likely occur for several months, at a minimum. The Receiver is mindful that lack of access to these funds can create a hardship. For that reason the Receiver and his team are working as fast and efficiently as possible to identify and recover assets. The Receiver requests patience as the matter progresses under the Court’s oversight.
Do you have an estimate of what percent of our original investment may be returned to us in the form of a distribution?
As the Receiver makes progress, investors will be made aware of whether there will be a potential recovery and, if so, the estimated amount.
How does the Receiver get paid.
The Receiver and vendors that assist the Receiver are paid out of recovered assets. Please rest assured that the Receiver is highly motivated to achieve the best possible results for those who incurred losses. The Receiver does a cost-benefit assessment of every project he pursues, and does not pursue work that is either unnecessary or not likely to produce a recovery that exceeds the cost of the pursuit.
Can I sue anyone to get my money back?
The Receiver cannot provide legal advice. However, Court’s May 11, 2022 Order Appointing Temporary Receiver imposes a stay on actions against the receivership defendants. Please review that Order for further detail.
Are the principals of Rose City Fund going to face criminal charges?
The lawsuit brought by the Commodity Futures Trading Commission is a civil lawsuit and not criminal. If a criminal case is brought, it will not be prosecuted by the Receiver. The Receiver is focused on maximizing the financial recovery for those who incurred financial losses.
How do I report my investment with Rose City Fund on my taxes? Can I write off my investment loss?
The Receiver cannot provide any tax or legal advice. This can best be answered by your CPA or tax preparer.
What will happen to the information I sent Rose City Fund?
The Receiver and/or his team searched Rose City Fund’s places of business and secured investor files. At the end of the case, the Receiver will either return those files to investors or dispose of them in a way that ensures they do not fall into the hands of anyone else.