The receiver site has recently been updated to include an open letter and there is a survey also available in which they ask for your contact information, the names of the people involved in recruiting you as well as the amount of ATMs you purchased and what price you paid for them. So be sure to head on over there and fill out the survey!
I’ve reprinted the open letter below as well as uploaded the pdf to the library.
A message to investors from the Receiver:
Dear Investor,
As you may already know, the Securities and Exchange Commission (“SEC”) recently filed a complaint against the following companies and persons:
NATIONWIDE AUTOMATED SYSTEMS, INC.
JOEL GILLIS
EDWARD WISHNER
Defendants,
and
OASIS STUDIO RENTALS, LLC
OASIS STUDIO RENTALS #2, LLC
OASIS STUDIO RENTALS #3, LLC
Relief Defendants
The SEC alleges the Defendants operated a large Ponzi scheme by selling investments in automated teller machines (ATM’s) through purported “sale and leaseback” transactions. The complaint further alleges that Nationwide Automated Systems, Inc. (“NASI”) told investors they were buying ATM’s and leasing them back to NASI, who would in turn guarantee an investment return of at least 20% per year. The complaint states that none of this was true and that roughly 98% of funds distributed to investors actually came from money invested by subsequent investors. It is further claimed that only a small fraction of the ATM’s claimed to be purchased and installed in various locations ever existed.
As a result of the above complaint and other supporting papers filed by the SEC, on September 30, 2014, the U.S. District Court entered a temporary restraining order, which, among other things, appoints a Receiver (William J. Hoffman) to take possession and control of NASI, its subsidiaries and affiliates (“TRO”). Pursuant to the TRO, the Receiver has taken control of NASI, its business records, operations, funds and accounts in order to preserve and protect the company’s assets and value. Our investigation is still at an early stage and we expect to discover more information as we move forward.
A Receiver acts as an agent of the court and cannot provide legal representation or advice to you. We ask your cooperation and understanding as we move ahead. A website has been established to provide information about the case – www.NASI‐receivership.com. The complaint and related papers filed by the SEC, as well as the TRO entered by the Court, are available on the website. We encourage you to visit the website and review these documents. The website also has a “Questionnaire for Investors” which we ask you to complete at your earliest convenience. This will assist us in identifying investors; funds contributed and distributed, actual ATM’s and their locations, and other information which will greatly help in recovering as much value as we can as quickly as we can.
We have also established a dedicated phone number and email address for investors. The phone number is (858) 242‐1161 and the email address is receiver@NASI‐receivership.com. Although we will be listening to all of your phone messages and reading your emails, personally responding to all messages would take a great deal of time. We may not be able to respond to all of you (at least not right away). Please be patient and rest assured that when there is news to report, the receivership website will be promptly updated.
We appreciate your concerns and anxiety and are working quickly and thoroughly to secure assets and recover as much value as possible. We will continue to post information on the website and keep you updated on our progress. In particular, the Receiver will be filing periodic reports with the court summarizing his activities and those reports will be available on the website.
Thank you for your cooperation and understanding. Our company has been assisting in the recovery of assets for the benefit of investors and creditors for over 35 years; rest assured you have our full attention.
Sincerely yours,
William J. Hoffman, JD
Chairman and CEO
Trigild, Inc.
San Diego, CA
Why aren’t the principals of this scam in jail?
Sometimes the government moves a glacial pace. It sucks to watch as an outsider because it feels like it never goes anywhere. But once the ball gets rolling, it’s like a juggernaut. Especially since the SEC has really upped their game with ponzis. They didn’t really have a choice after Madoff.
Meanwhile, what’s to keep them from skipping the country and living happily ever after on their ill-gotten gains?
I don’t think their passports were taken. But, the Temporary Restraining Order froze all their personal and business assets. So, they’d have to access any hidden funds they have buried offshore or something. They’d be hesitant to do that because then the government could get wise to it.
I understand but with the scale of the scam they’re been running for many years it’s hard to believe they don’t have many millions stashed overseas and are long gone now. Why would they be hesitant given the scale of their operation?