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Securities and Exchange Commission v. Davis

United States District Court, W.D. North Carolina, Charlotte Division

August 10, 2017

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
RICHARD W. DAVIS, JR., Defendant, and DCG REAL ASSETS, LLC, et al., Relief Defendants.

          ORDER GRANTING RECEIVER'S MOTION FOR APPROVAL OF PROPOSED CLAIMS VERIFICATION AND NOTICE PROCEDURES

          GRAHAM C. MULLEN UNITED STATES DISTRICT JUDGE.

         This matter came before the Court on the Receiver's Motion for Approval of Proposed Claims Verification and Notice Procedures filed on July 25, 2017 (the “Motion”) (D.E. 129) seeking this Court's approval of proposed procedures for verifying Claimants' claims for their losses (“Claims Procedures”), including (1) a notice to Claimants relative to the claims process (“Notice”), (2) a proof of claim verification form (“Claim Verification Form”), (3) a proposed bar date by which Investors must submit verification of their claims (“Claims Bar Date”), and (4) a claims review and objection process (“Review Process”). The Court finds that it has jurisdiction over this matter and that notice was proper. The Court has reviewed the Motion and concludes that the relief requested in the Motion should be granted, as follows:

         CLAIM PROCEDURES

         The Court approves the following procedures for establishing Claims:

         1. Notice of Claims Process; Claim Verification Form

         a. The Receiver will send the Notice to all Claimants at the mailing addresses and email addresses available to the Receiver. The Receiver also will post the Notice on the Receivership website. Each Notice will be accompanied a Claim Verification Form. The Notice will instruct Claimants to complete and return their Claim Verification Forms on or before the Claims Bar Date. Copies of the proposed Notice and Claim Verification Form were attached to the Motion as Exhibits A and B, respectively.

         b. Each Investor will be required to submit a Claim Verification Form in order to be eligible to receive a distribution from the Receivership Estate. If an Investor's Claim Verification Form contains information inconsistent with the records compiled by the Receiver relative to the Investor's total investment (“Total Investment”) and/or pre-receivership disbursements (“Total Withdrawals”) for the Investor's account, then the Investor will be asked to submit documentation to evidence any discrepancy, including but not limited to the following:

(1) Investor name, mailing address, phone number, and email address;
(2) A summary of each deposit and withdrawal made by the Investor; and
(3) Documentation of all deposits and withdrawals, including but not limited to, wire transfer confirmations or canceled checks; and statements reflecting deposits and withdrawals.

         c. Likewise, each Vendor will be required to submit a Claim Verification Form in order to be eligible to receive a distribution from the Receivership Estate. Vendors should attach invoices and other relevant documentation to their Claim Verification Forms, including documentation of any partial payments received. Each Vendor should provide a contact name, mailing address, phone number, and email address.

         d. Claim Verification Forms must be signed so as to indicate that, to the best of the Claimant's knowledge, the Claim Verification Form is true, correct, complete and accurate according to the Claimant's records. Completed Claim Verification Forms and documentation may be submitted to the Receiver by email at dcgreceiver@grierlaw.com or by mail addressed or hand delivered to:

DCG Receivership Claims
Grier Furr & Crisp, ...

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