The Profit Connect Receiver has received permission to make an interim distribution.

On December 19th, 2024, the court approved pro rata distribution of $8 million in recovered funds to Profit Connect victims with a valid claim.

The “interim” designation of the distribution is due to pending resolution of several outstanding claims.

Five Profit Connect victims have failed to provide the Receiver with requested social security or taxpayer identification numbers.

Two victim claims remain under dispute, with the Receiver given permission to set aside funds to cover those claims pending resolution.

In July 2021 the SEC pegged Profit Connect victim losses at “at least $12 million”. An $8 million initial distribution payment represents roughly 66.6% of recovered losses.