WCM777 Receiver confirms ~$14.9 million returned to affiliate victims
Last we checked in approximately $21 million was scheduled to be returned to WCM777 victims in February.
In the Receiver’s Fourteenth Interim Report, filed September 7th, we finally got confirmation payments went out as planned.
WCM777 affiliates with valid claims received 3912 checks and 462 PayPal payments.
For various reasons, over 25% of the total approved claim amount was not cashed by receiving affiliates.
As of June 30, 2017, 1,252 checks totaling $5,861,030 of the manual check payments remained outstanding or unclaimed.
And as of June 30, 2017, approximately 78 PayPal payments totaling $239,921 were ultimately rejected, unclaimed or denied.
Reasons cited for the large percentage by the Receiver include
the geographic diversity of claimants, payment negotiation challenges surfaced – from inability to negotiate a check written on a United States bank account, to claimants waiting until insufficient time existed for foreign banks to clear a check written on a United States bank account, to misplaced checks, to claimants unwillingness to provide updated address information (possibly due to immigration concerns), to undeliverable addresses (e.g., claimants did not provide apartment numbers).
In an attempt to maximize successful victim claims, the Receivership sent out communications to affected affiliates in April and July.
In light of a significant number of responses, Epiq and the Receiver have reissued the unnegotiated interim distributions, providing 60 days to negotiate same [sic].
(Editor’s note: I believe “same” above is supposed to read “again”)
So that’s where we’re currently at.
The Receiver has stated that she anticipates outstanding Receivership tasks will be completed by the end of 2017, at which time a final distribution will be made to affiliates with allowed claims.
That will then wrap up the Receiver’s duties, with an order seeking to close the Receivership to follow.
Update 20th December 2017 – The WCM777 Receiver’s Fifteenth Interim Report was filed on December 15th.
Nothing much new in the report, with the Receivership still on track to wind down by the end of 2017.
how do we go after scammers who have victimized us, and get back our money?
A certain Malaysian named Cheah Ah Kam a.k.a. Raymond Cheah operated an office in Manila, Philippines for a year or two, only to disappear and take all our money later.
You’ve probably left it far too late.
You have to take action when those doing the scamming are still operating. After they’ve disappeared with all your money there’s not much you can do. Less so in a third-world country.
any way to go after them? or at least get back at them?
how did they catch them in China? its also a third world country.
The operative word there is “caught”.
The SEC shut down WCM777 in early 2013. Trying to initiate proceedings three and a half years after the fact likely isn’t going to get you anywhere.
Your options are going to the local police in your area… and that’s about it. I don’t like your chances.
Glad to see this one finally starting to wind down.
I have to wonder if PMX will ever reappear though. He was fun.
I’ve been happy to get some money back from them. My wife and I have claimed a bit more than $10K and got more than $4K by check for her and to Paypal for me.
It really worked even for Russia and we think we will get the rest of money soon. Thanks SEC… lol.
Article updated with the filing of the Receiver’s Fifteenth Interim Report.
I still waitting for my check, but why I did’nt receive any notice about my refund? How do I follow up for disallowed or allow?
I would like to know more about the final refund. I need help to get the solution. Please let me know.
If you filed a claim and haven’t heard anything back you’re probably one of these people:
Likely far too late to resolve a claim but all you can do is contact the Receivership. Guessing you have and they said “no dice”, which is why you’re here.
Thank you very much for helping, but what is the current phone number or email to contact the receivership? Please let me know.
If you have to ask that question, I would assume that you have not ever seen the receiver’s website. If you have not even seen the receiver’s website, I would assume that you have never filed a claim.
The bulk of recovered funds were dispersed this time last year and OZ’s excellent coverage above indicates that there were 2 separate 60-day extensions offered to people in your situation in April and July.
At any rate, right there close to the top of the receiver’s home page:
I’m with shipdit. You can’t have filed a claim without getting in contact with the Receiver.
If you haven’t filed a claim by now you’re a few years too late.
I filed it, and got an email to notify the court info. from the receivership; but I have been told by my upline that I couldn’t contact the receivership at all, because they never answer or take a look at the message.
Then I thought it should be a special email address only. I give all my cash to my upline to deposit into the scamer’s account, then I don’t have a specific proof.
I emailed the deposit receipts to them, but not sure why didn’t receive refund. Thank you very much for the information.
There’s your mistake. You trusted the person who scammed you.
Likely because your upline kept the money and just created an account for you out of their WCM777 monopoly money balance.
That’s how things work in ponzi fraud.
Your upline got cash, you got nothing, there’s no paperwork trail and the only way you can recover any money is to sue your “upline” “IF” you can prove where the money went and why it was sent.