Traffic Monsoon victim claims portal on the horizon (clawbacks too)
The latest Traffic Monsoon Receiver’s quarterly report suggests that a victim claims portal might not be too far off.
As with most Ponzi schemes, Traffic Monsoon failed to keep detailed records of transactions occurring within the platform.
Since being appointed, the Traffic Monsoon Receivership has had to sift through ‘literally hundreds of millions of records and transactions approximating a billion dollars‘.
Using the recreated records, BRG has been able to determine on a preliminary basis that there are 101,840 persons with claims against the Receivership Estate, and that the amount of total claims is in excess of $114,286,000.00.
The good news is that as of the end of the 2017 fourth quarter, ‘the Receiver ha(s) completed the primary work on records recreation.‘
There is still some work left to be done in this area, but the Receiver now has sufficient information to identify investors and determine claims, thus allowing her to take the next steps in administering the Receivership Estate.
Hopefully those “next steps” see a victim claims portal, or at least plans for one, announced sometime in the near future.
The Receiver’s analysis of creating and obtaining approval of appropriate claims procedures is ongoing.
This work will be complex given the number of claims that exist and the location of the claimants.
In the meantime, initial analysis of the recreated records has led the Receiver to determine
that she should commence work involving investigating and identifying certain claims of the Receivership Estate that may exist against, among others, those who profited from their investments with Traffic Monsoon.
Or in other words, clawback litigation against Traffic Monsoon’s top net-winners.
According to the preliminary report, 95 investors earned profits in excess of $50,000.
A lot of this is of course pending the outcome of Charles Scoville’s preliminary injunction appeal.
Oral arguments for the appeal have been scheduled for March 21st, 2018.