The claims process begins soon!

Great news everyone!  I updated the docket today! That’s not it.  Keep reading.

The Receiver filed his plans for the claims process on October 31st.

Per the filing, there’s about $34 million sitting in the Receivership and the amount keeps going up thanks to recovery efforts, mainly in the form of clawbacks and court judgments.  The Receiver has identified 1,350 investors (or investor groups) who ended up with a loss.

I need to make it very clear that what you’re about to read hasn’t been approved by the court yet and this ball doesn’t roll without approval from the court.

Within 30 days of approval from the court, each of the 1,350 investors should receive:

Information about the process.

  • The proposed claim amount
  • A schedule showing their transactions
  • A W-9 (All investors need to return the W-9).

If the investor doesn’t agree with the proposed claim amount, they have 60 days to reply in writing with supporting documentation.

For any claim disputes, the Receiver will review and attempt to resolve them.  If they can’t be resolved then the court will have to intervene.

It’s pretty simple, but there’s still no quite telling how much you’ll get or even when it’ll start coming.  The proposed claim amount that the Receiver will send out is just what he figured you lost.  This is by no means the amount you can expect to recover. Perhaps if it was possible to recover every dime that was stolen, you’d get back nearly 100% of what you lost.  But that’s so incredibly rare with Ponzi schemes.  As it stands, there’s only $34 million on a collective loss of $124 million.  And then there’s claims by vendors who were owed money by NASI.

Of course, if what you receive from the Receiver contradicts what I’ve said, go with what the Receiver says.  Especially if he has better news than I do 🙂


  1. Any word on the City National Bank case and whether NASI has gotten them to settle.

    I know the individual (class action??) case was thrown out of court.

    1. I only really have access to the case summaries for the local stuff, but from what I can tell there has been no settlement. There’s been a few partial dismissals as to the Royal Bank of Canada and the Fitzwilliams, but no sign of a settlement. There is a hearing scheduled on 04/13/2018 for the Anti-SLAPP motion.

      The good news is that the status of this case shouldn’t stall out any payouts in the the meantime. Then, if they manage to get money out of the bank or the Fitzwilliams then another round of payouts can happen.

      1. I have tried to locate CNB litigation on Pacer about 1 year ago with limited success. Do you have a case number for Anti-SLAPP hearing?? I just emailed Trigild asking about the CNB status… stay tuned.

        CNB/RBC has the deepest pockets but the strongest defense attorneys.

        1. I don’t think you’re going to find it on Pacer. You’ll need to go to the LA Courts to look up information on it. The case number is BC624542. It lists hearing dates there as well. Getting the actual documents from the court is way out of my budget. The fee schedule is either ridiculous, or Pacer has spoiled me. $1 per page for the first five, then $0.40 for each page thereafter up to $40 per document.

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