*** COURT GRANTS RECEIVER'S REQUEST FOR SEVENTH INTERIM DISTRIBUTION ***

On September 15, 2017 the Court granted the Receiverís motion requesting approval to make a seventh interim distribution to investors with allowed claims. A copy of the Order is available here. The Receiver will promptly send distribution checks by U.S. Mail.



*** RECEIVER FILES MOTION REQUESTING SEVENTH INTERIM DISTRIBUTION ***

On August 31, 2017, the Receiver filed a motion seeking approval to make a seventh interim distribution to investors with allowed claims. The Receiver is seeking permission to make an interim distribution of approximately $5 million, and if the motion is granted, investors will receive a distribution that represents 3.81% of their allowed amounts. If the motion is granted, the Receiver will promptly send distribution checks by U.S. Mail. A copy of the Receiverís motion is available here. This website will be updated once the Court enters an order on this motion. If you have any questions regarding this motion or the claims process, you may contact Jordan D. Maglich at (813) 347-5115 or jmaglich@wiandlaw.com.

Please visit the Court Documents and Receivership Reports tabs for additional information regarding previous interim distributions.



*** APPELLATE COURT OPINIONS ISSUED IN WELLS FARGO RELATED MATTERS ***

The United States Court of Appeals issued an opinion on January 26, 2017 affirming the District Courtís granting of summary judgment in favor of Wells Fargo. In addition, on February 22, 2017, the Eleventh Circuit Court of Appeals reversed the Courtís determination that Wells Fargo was required to file timely proof of claims to protect its secured interests in the Bellasara and Laurel Preserve properties. If you require any additional information, please review the Receiverís latest Interim Report or contact Jeffrey Rizzo at: jrizzo@wiandlaw.com.


Introduction

Welcome to the website of Receiver, Burton W. Wiand. Mr. Wiand has been appointed Receiver in the case of Securities and Exchange Commission, Plaintiff, v. Arthur Nadel, Scoop Capital, LLC, Scoop Management, Inc., Defendants, and Scoop Real Estate, L.P., Valhalla Investment Partners, L.P., Valhalla Management, Inc., Victory IRA Fund, Ltd, Victory Fund, Ltd, Viking IRA Fund, LLC, Viking Fund, LLC, and Viking Management, LLC, Relief Defendants, Case No. 8:09-cv-87-T-26TBM in the United States District Court for the Middle District of Florida, Tampa Division.

We designed this website to provide convenient access to information about the receivership, including important updates, answers to Frequently Asked Questions (FAQs), and select District Court documents. As our work progresses, we will add information to this website, including information regarding the plan of distribution to creditors of any assets that are recovered and all forms required by the District Court for participation as a claimant in the distribution process. If you require further information not contained in this website, you may contact us.

Brief Summary of the Case

The SEC alleges that Arthur Nadel defrauded investors in six hedge funds (Scoop Real Estate, L.P., Valhalla Investment Partners, L.P., Victory IRA Fund, Ltd, Victory Fund, Ltd, Viking IRA Fund, LLC, and Viking Fund, LLC) by massively overstating the value of investments in these funds and issuing false and misleading account statements to investors. Mr. Nadel operated this scheme through a number of different entities, including Scoop Capital, LLC, Scoop Management, Inc., Valhalla Management, Inc., and Viking Management, LLC. The SEC also alleges that Mr. Nadel transferred large sums of investor funds to secret accounts which only he controlled.

Where, as in this case, the SEC seeks the return of funds to investors, the SEC frequently pursues the appointment of a receiver to assist in marshalling assets on behalf of injured investors. SEC-initiated receiverships frequently arise in connection with alleged fraudulent investment schemes.

The District Court entered an Order on January 21, 2009, appointing Mr. Wiand as Receiver. The Court directed the Receiver to (i) administer and manage the business affairs, funds, assets, and any other property of the Defendants and Relief Defendants; (ii) marshal and safeguard the assets of the Defendants and Relief Defendants; (iii) investigate the manner in which the affairs of the Defendants and Relief Defendants were conducted and institute such legal proceedings for the benefit of the Defendants and Relief Defendants and their investors and creditors as the Receiver deems necessary and (iv) take whatever actions are necessary for the protection of the investors. We intend to fulfill our duties and responsibilities as Receiver in an expedient and efficient manner. The District Court overseeing this receivership has broad powers and wide discretion to determine the appropriate relief.

This site contains links to copies of various court documents regarding this receivership.  You will need Adobe Acrobat Reader to view these documents.

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