As disclosed in a February 4th Status Report, a residence turned over to the Fundsz Receiver has been surrendered

in an uninhabitable condition with floorboards removed and garbage, feces, and maggots throughout the house.

As part of her court-ordered duties to recover assets, the Fundz Receiver traced purchase of then defendant Rene Larralde’s 1.9 million Florida residence to stolen investor funds.

Accordingly the Receiver demanded Rachel Larralde, representing Rene Larralde’s estate after he died in late 2023, turn over the riverfront property.

As I understand it Rachel Larralde and her three children occupied the residence prior to surrender.

Such was the state of the Larralde residence that the Receiver

had to employ a large cleaning crew to restore the property so that a realtor could enter the home and begin to prepare it for sale.

The Receiver expects to sell the property for $1.7 million. Proceeds of the sale will be held by the Receivership for eventual distribution to Fundsz victims.

Appalling living conditions aside, Rachel Larralde has provided the Receiver with additional information pertaining to cash, weapons, a personal watercraft and trailer tied to the property.

Analysis of Rene Larralde’s seized laptop has also provided leads on “potential investors and assets that the Receiver is continuing
to investigate.”

With respect to Fundz defendant Juan Valcarce (right), as at the time of filing the Receiver believes Valcarce has been sufficiently stripped of ill-gotten gains.

During the Reporting Period, the Receiver concluded that, based on various personal interviews and sworn financial disclosures, Defendant Valcarce has a limited amount of assets and an absence of any real property holdings.

As previously detailed, the funds that were held in Mr. Valcarce’s accounts were transferred to the Receiver’s fiduciary account held at City National Bank.

The Receiver does not believe any further investigation into Mr. Valcarce’s assets is warranted.

In contrast, defendants Brian Early and Alisha Ann Kingrey continue to ignore proceedings at their own peril.

Brian Early (right) is apparently still promoting Ponzi schemes through Fundsz’ official FaceBook group.

Writes the Receiver;

During the Reporting Period, the Receiver continued her efforts to shut down the Fundsz Facebook account and private group and to stop Defendant Early’s improper use of Facebook to solicit investors, including discussing the matter with Facebook’s counsel and reporting any Fundsz pages on the Facebook platform.

The Receiver may need to seek the Court’s assistance in gaining control of the Facebook platform.

Perusal of Early’s FaceBook profile suggests he’s hiding out in Costa Rica and still promoting fraudulent MLM schemes:

RainBNB appears to be a reboot of the recently collapsed RideBNB gifting scheme. Early is also promoting GivBux, an MLM pyramid scheme.

On Early’s and Alisha Kingrey’s cooperation with the Receivership, the Receivership writes;

Pursuant to the Statutory Restraining Order and the Preliminary Injunction, the Receiver requested that Brian Early and Alisha Ann Kingrey provide detailed financial disclosures, which will assist in her efforts to identify and marshal assets of the Defendants.

The Receiver sent numerous correspondence and a comprehensive financial disclosure and affidavit form to Defendants Early and Kingrey, but the Receiver has not received any response from either Defendant.

Based on Defendants Early and Kingrey’s failure to comply with the Receiver’s and the CFTC’s efforts to obtain the required disclosures, the Receiver does not expect compliance and supports the CFTC’s motion for sanctions.

Following a motion from the CFTC seeking sanctions against Early and Kingrey (right) for non-compliance with court orders last December, the court ordered Early and Kingrey to show cause as to why

  1. their answers to the CFTC’s Fundsz Complaint shouldn’t be struck;
  2. the Court Clerk shouldn’t record an Entry of Default; and
  3. the Court shouldn’t award the CFTC “reasonable expenses”.

The court gave Early and Kingray till January 23rd. Not surprisingly, neither Early or Kingrey filed a response.

On January 28th a Magistrate Judge report was filed, recommending the court adopt the above cited three courses of action.

As at time of publication the court has yet to impose the CFTC’s requested sanctions.

Getting back to Receiver’s Status Report, as of December 31st, 2024, the Fundsz Receivership was sitting on $2.6 million in cash.

During the next reporting period, the Receiver will focus on marketing and liquidating the Larralde Residence to increase the amount of funds to be distributed to the Fundsz investors.

The Receiver will also devise a reasonable and cost-effective claims process and distribution plan given the amount of funds to be distributed to the 14,000 potential claimants.

Our next Fundsz update is likely to pertain to ordered sanctions against Brian Early and Alisha Kingrey. Stay tuned.