The primary purpose of this website is to provide information to the investors about the status of the case and related legal proceedings.
“Receiver Distributes Receivership Funds to Creditors”
(see details in: "Letter to Investors - December 30, 2005")
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This website is the source for current information regarding the activities of James A. Knauer, who was appointed as the Receiver for Richard J. Collins, Jerome Coppage, The Gateway Association, The Gateway Association (Illinois), William J. Windsor, Linda A. Fehl, Malcolm Silverman, Janet Collins, Christine Todd, (hereafter referred to as the "Receivership Defendants") on the 20th day of November 2002. Mr. Knauer was appointed by the Court as a result of a suit filed against the Receivership Defendants by the United States Securities and Exchange Commission ("SEC"). The SEC alleges that the Receivership Defendants engaged in a fraudulent scheme from approximately November 1997 through March 1999. At least $10 million was raised from approximately 400 investors who were promised outlandish profits in a fraudulent financial scheme. The Receivership Defendants promised investors that their money was being invested in a guaranteed, risk-free, high yield bank debenture trading program. These securities never existed and most of the money was spent on personal expenses or given to family and friends of the Receivership Defendants. The other business names listed below are names that have been used from the offices of the Receivership Defendants at various times. If you transacted business with any of the Receivership Defendants or the businesses listed below and are owed money by any of them, you may be a creditor of the Receivership. All of the below named businesses will be treated as part of the Receivership in determining the assets of the Receivership and in determining the claims against the Receivership. Typically, the function of a Receiver in cases such as this is to determine the correct amount of each creditor's claim, collect all of the assets of the Receivership Defendants, convert the assets of the Receivership to cash, and distribute the proceeds to the Receivership creditors. The Receiver anticipates that this case will be similar. The Receivership includes several hundred investors. Given the large number of investors, the primary purpose of this website is to provide information to the investors about the status of the case and related legal proceedings. Current Receivership Activities Recently the Receiver filed a report of acts and transactions dated December 14, 2005, which can be found on this Webpage under Receiver’s Correspondence/Activities. The Receiver is now in the process of completing his duties and intends to close the Receivership by April 2006. If your claim was allowed by the Court, you will be receiving a distribution check in the next couple of weeks. Please Note: All checks must be cashed within 60 days of the check date. After that date the account will be closed. If you believe that your claim was allowed and have not received a check by January 13th, 2006, please contact our office. If your address has changed please contact us so that we may update our records. If you have any questions do not hesitate to contact Wendy Wools at wnw@kgrlaw.com or call her at 317-692-9000.
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