Receiver for fraudulent FX scheme Oasis International Group identifies and freezes $11.2m

Maria Nikolova

The Receiver identified and/or froze $11,208,334.77 at various financial institutions in the United States, the United Kingdom, and Belize.

The Receiver in a Forex fraud lawsuit targeting Oasis International Group (OIG), Oasis Management, LLC (OM), Satellite Holdings Company, Michael J. DaCorta, Joseph S. Anile, II , Raymond P. Montie, III, Francisco “Frank” L. Duran, and John J. Haas has published his first report into the matter.

Let’s recall that, on the same day the Commodity Futures Trading Commission (CFTC) filed its complaint against the defendants, the Florida Middle District Court entered an order appointing Burton W. Wiand as temporary Receiver.

The First Report by the Receiver covers receivership Information and activity from April 15, 2019 through June 14, 2019.

During the time covered by this First Interim Report, the Receiver and his professionals engaged in a set of activities, including:

  • Served the order appointing the Receiver and freezing the assets of the defendants and relief defendants on at least 73 individuals and entities who could have assets and/or records belonging to the Receivership Estate;
  • Recovered $6,012,397.78 from an account at Citibank, N.A.;
  • Recovered $2,392,451.84 from accounts at Wells Fargo Bank, N.A.;
  • Froze, at minimum, an additional $231,116.86 at numerous financial institutions;
  • Began steps to repatriate approximately $2 million from the United Kingdom;
  • Began steps to repatriate at least $500,000 from Belize.

During the relevant period, the Receiver identified and/or froze $11.2 million at various financial institutions in the United States, the United Kingdom, and Belize. The Receiver opened a money market account for the Receivership at ServisFirst Bank. He has deposited $8,404,849.62 of the frozen funds into this account. The remaining money is currently being held in various accounts in the names of the defendants and relief defendants. The Receiver will attempt to obtain as much of that money as possible and to identify any other accounts containing assets belonging to the Receivership Estate.

Currently, the Receiver is building a list of investors and other creditors. On April 30, 2019, the Receiver sent an email to hundreds of known, identifiable investors, informing the investors of the Receivership, the Receiver’s website, and the opportunity for investors to register through the website.

At this early stage, the Receiver recommends continuation of the Receivership because he still has more than $2.5 million to repatriate from the United Kingdom and Belize, as well as approximately $230,000 to collect from domestic bank accounts. Further, the Receiver has at least 10 parcels of real estate to liquidate and substantial personal property to liquidate, including luxury automobiles and precious metals.

The Receiver is also considering bringing litigation, including contemplated clawback claims.

During the next 90 days, the Receiver will continue to collect and analyze documents from nonparties and other sources. The Receiver is also compiling and analyzing individual investments.

Investors and other creditors of the Receivership Entities are encouraged to periodically check the Receiver’s website (www.oasisreceivership.com) for current information concerning this Receivership.

The Receiver continues to encourage individuals or attorneys representing investors who may have information that may be helpful in securing further assets for the Receivership Estate or identifying other potential parties who may have liability to either the Receivership Estate or investors to email ([email protected]) or call Jeffrey Rizzo at 813-347-5100.

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