Examples of our receivership experience are as follows:
- Invotex Group was appointed receiver to POS Dream Homes after the Maryland Attorney General’s Office froze the assets. POS DH and its related entities enticed investors by promising to pay off their mortgages within five years in return for an upfront investment fee and 50% equity in the home upon mortgage payoff. In reality, the entities were operating a Ponzi scheme in which they took in over $100 million of investor funds in less than a two-year timeframe. The mortgages were not paid, homes went into foreclosure proceedings, and very little of the monies were returned to investors. Invotex, as receiver, has been charged with gathering and administering all of the assets and, ultimately, distributing any available funds to claimants.
- Invotex Group was appointed receiver to Liberty Trade International after the Maryland Attorney General’s Office froze the assets. LTI described itself as a private real estate investment group and offered small investors the opportunity to invest in “high yield” real estate investments promising large returns in “reasonably short periods of time” through investing in a so-called REIT. In reality, LTI was operating a Ponzi scheme in which it used funds raised from new investors to repay investors who withdrew interest and/or principal. At the time of the receivership, LTI had approximately 400 investors, had raised more than $7 million in just over 18 months and owed approximately $4.5 million in principal. Invotex, as receiver, has been charged with identifying, gathering, receiving, controlling, managing, liquidating and administering all of the assets and, ultimately, distributing any available funds to claimants.
- Invotex’s principals have been involved in various receiverships since 1985 as supervisors, rehabilitators and receivers and as accountants to supervisors, rehabilitators and receivers. Invotex acted as consultants to the Insurance Commissioner of Maryland in connection with the seizure and liquidation of several national and international sureties and insurance companies domiciled in Maryland including Eastern Indemnity Company of Maryland, an insurance company operating in 33 states, Trans-Pacific Insurance Company, F.S.M. and its 52 related entities, Land Title Research of Maryland, Mid-Atlantic Brokerage, Grangers Mutual Insurance Company and PrimeHealth Corporation in which it has acted as the Receiver or Deputy Receiver. In one receivership alone, this work required the identification, tracing, location, attachment and collection of assets hidden in more than 600 bank accounts worldwide.
Invotex additionally has extensive reorganization and bankruptcy experience. |
|
