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U.S. Commodity Futures Trading Commission v. Cook
United States District Court, Eighth Circuit
January 16, 2014
U.S. COMMODITY FUTURES TRADING COMMISSION, Plaintiff,
TREVOR COOK et al., Defendants, R.J. ZAYED, Receiver. UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
TREVOR G. COOK, et al., Defendants, R.J. ZAYED, Receiver. UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
JASON BO-ALAN BECKMAN, et al., Defendants, R.J. ZAYED, Receiver.
ORDER APPROVING SIXTH INTERIM DISTRIBUTION AND THIRD AMENDED FINAL CLAIMS LIST
MICHAEL J. DAVIS, Chief District Judge.
THIS MATTER came before the Court upon the Receiver's Motion to approve the Receiver's plan for a Sixth Interim Distribution and proposed Third Amended Final Claims List for civil restitution.
The Court having considered the pleadings, files and records before it, and being fully advised in the premises,
IT IS HEREBY ORDERED THAT:
1. The Receiver's motion is granted.
2. The Receiver shall make a sixth interim distribution of funds and credits totaling $1, 000, 567.03 on a pro rata basis to claimants identified in the Receiver's Third Amended Final Claims List as follows:
a. The Receiver shall adjust the pro rata shares of the claimants identified in the Third Amended Final Claims List such that the total restitution received by all claimants from all sources is approximately equal;
b. Any claimant whose overall recovery rate exceeds the median recovery rate for all claimants shall have this and future distributions reduced or otherwise adjusted until such time that his or her overall recovery rate is on par with the overall recovery rate of the remaining claimants;
c. No claimant shall receive additional funds from the Receiver until such time that the median recovery rate by all other claimants reaches the same pro rata recovery rate obtained by the claimant through any settlements and previous distributions; and
3. The Receiver shall not make any distributions to claimants who have not returned the excess amounts from the Third Interim Distribution, but rather credit to the Clerk of Court the pro rata shares for these claimants, until such time that their overall recovery rates are on par with the overall recovery rate of the remaining claimants.
4. The Recognized Claim Amounts for the 736 claimants identified in the Receiver's proposed Third Amended Final Claims List, 09-cv-3333 Docket No. 1110-1, 09-cv-3332 Docket No. 1060-1 & 11-cv-574 Docket No. 430-1 (Jan. 14, 2014), are hereby entered as the final claim amounts for civil restitution in the civil cases of SEC v. Cook et al., 09-cv-3333 (D. Minn.), CFTC v. Cook et al., 09-cv-3332 (D. Minn.) and SEC v. Beckman et al., 11-cv-574 (D. Minn.). No ...