NAFER

National Association of Federal Equity Receivers

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  • 30 Oct 2017 9:14 AM | NAFER (Administrator)

    This year's October NAFER conference was a GREAT success, and we're grateful for all of you who joined us! Below are a few photos from the weekend:




    The keynote presentation was a unique look at the case history of an actual Ponzi scheme featuring the fraudster, SEC enforcement counsel, the receiver, and receiver’s counsel.


    In an talk show host format, the SEC’s Marshall Gandy joined NAFER President Greg Hays and Troutman Sanders Partner David Dantzler as they discussed the development – and eventual unraveling – of convicted Ponzi scheme perpetrator Travis Correll's $100M Ponzi scheme.


    Here is the photo of the “Fraud Vectors in the Receivership Universe” panel with Rob Long (Bell Nunnally), Michael Goldberg (Akerman), and James Sallah (Sallah Astarita & Cox LLC).


    Here is a photo of the “Pursuing Claims Against Professionals, Fiduciaries, and Other Deep Pockets” panel with Rob Michaels (Goldstein & McClintock, Melissa Damian Visconti (Damian & Valori LLP), Stephen Harbeck (Securities Investor Protection Corporation), and Drew Peel (Rachlis Duff Adler Peel & Kaplan, LLC).


    Here’s a photo of the “Keys to a Cost-Effective Receivership: When to Hold ‘Em & Fold ‘Em” panel with Jeff Brandlin (Brandlin & Associates), Rich Foelber (Commodities Futures Trading Commission (CFTC) and U.S. Department of Justice), Gianlucca Morello (Raymond James Financial, Inc.), and Ian Gazes (Gazes LLC).


    Here’s a photo of the “Taxing Questions for the Federal Equity Receiver” panel with David Agler (Crowe Horwarth), Maria M. Yip (Yip Associates), Julia Mandeville Damasco (Miller Kaplan Arase LLP), and Jonathan Ware (Freshfields Bruckhaus Deringer LLP).


    “Avoiding Turf Wars in Parallel Receiverships and Forfeiture Proceedings” panel with John J. Carney (BakerHostetler), Evelyn Baltodano-Sheehan (Assistant US Attorney, Southern District of Florida), Alice Dery (US Department of Justice), and Eric Bustillo (Regional Director, SEC).

    We added an International Panel to the Receivership Training Camp this year, and we're grateful for the insight!

    Alex Moglia (Moglia Advisors), Mark Goodman (Campbells), Andrew Thorpe (Harneys), Chip Hoebeke (Rehmann) and Ed Davis Jr. (Sequor Law).

    NAFER picked up right where we left off with the 2nd quarter of our Receivership Training Camp. 

    Co-Chair NAFER Conference Committee Kathy Bazoian Phelps (Diamond McCarthy LLP), NAFER President Greg Hays (Hays Financial Consulting), Kenton Johnson (Robb Evans & Associates), Wayne Klein (Klein & Associates), Kelly Crawford (Scheef & Stone), NAFER President-Elect Kevin Duff (Rachlis Duff Adler Peel & Kaplan, LLC).

    Judges panel: NAFER President Greg Hays (Hays Financial Consulting). Judge Darrin P. Gayles ( US District Court, Southern District of Florida), NAFER Conference Chairman Bob Mosier (Mosier & Campany) Judge Philip S. Guiterrez (US District Court, Central District of California, Judge Dee Vance Benson (US District Court, District of Utah).

    NAFER Judges panel: Judge Darrin P. Gayles (US District Court, Southern District of Florida), Judge Dee Vance Benson (US District Court, District of Utah) Judge Philip S. Guiterrez (US District Court, Central District of California)

    A big thanks to all who attended the 6th Annual NAFER conference! Hope to see you again next year!




  • 22 Sep 2017 10:37 AM | NAFER (Administrator)

    We're glad to have Dottore Companies, LLC as the Receivership Training Camp Sponsor for our Oct. 18-20 NAFER Annual Conference! You can learn more about their services here:


    For a new NAFER member who may not be familiar with your company and/or its solutions, can you tell us a bit about how your company/organization is formed and its key value propositions to receivers?


    Dottore Companies LLC is unique in that we offer all necessary receivership services under one roof: business management, legal and accounting. When appointed as receiver, we normally do not hire additional outside attorneys or accountants. We have learned that courts know and trust each battle-tested team member and therefore have confidence in our team approach. Over time, distressed companies have called on us for out of court restructuring services for the same reasons: the restructuring advice is multifaceted and all services are available in one place.


    What advice would you give someone who has recently entered into the receivership industry based on your interactions with so many in this line of work?


    A receiver must have the hide of a rhinoceros and the patience of Job and the negotiating skills of King Solomon. A receiver must know when to fight and when to try to mediate. A good receiver order is the best tool for the efficient management of receivership assets. Develop your order as a template, keep it updated, and provide it to persons seeking to identify you to a court as a proposed receiver. Have professional resumes available for all team members, with a list of the types of cases that they have worked on.


    What are some of the tools that you feel are unknown or underutilized to some clients/NAFER members that you provide that you feel would be beneficial to be exposed to for their practice?


    We regularly offer receiver-related services in divorce cases. Often, a substantial business is involved. The business becomes a target of the divorce dispute because of distrust between husband and wife. A receiver can (1) provide transparency; (2) remove issues of distrust between the parties by, for example, verifying the income of the business; and (3) sell the business or other assets in a neutral environment. Providing receiver services in divorce cases leads to other engagements within the divorce case, such as mediation services.


    What have you found valuable in your membership in/involvement with NAFER?


    The high level of receivership expertise and the different backgrounds of NAFER members (lawyers, accountants, and business people) provide an unequaled learning environment. The different ways that members approach problems and their proposed solutions are incredibly creative and instructive and their willingness to share their experiences is gratifying. Membership in NAFER has provided us with the credibility we need to land bigger and more profitable cases.


  • 06 Sep 2017 9:01 AM | NAFER (Administrator)

    We're grateful to have FTI Consulting as a Platinum Sponsor for our Oct. 18-20th Conference! Learn about their services in this Q&A:

    For a new NAFER member who may not be familiar with your company and/or its solutions, can you tell us a bit about how your company/organization formed and it's key value propositions to receivers?
     

    FTI Consulting is a leading global provider of integrated professional services of most benefit to complex receiverships.  Under one roof, and from offices in the major financial centers of 26 countries, we offer world-class turnaround and reorganization consulting, operational improvement, forensic investigations, litigation and e-discovery support, crisis communications and economic consulting.
     
    Are there any specific industry topics you'd like to discuss as we look towards the NAFER conference to showcase your viewpoint(s) as a service provider for many in this industry?
     
    Best practices to contain administrative/professional costs and ensure high value-added (cost/benefit) services.  Innovative provisions in receivership orders to promote efficient and effective receiverships.
     
    What advice would you give someone who has recently entered into the receivership industry based on your interactions with so many in this line of work?
     

    There is no substitute for having “been there, done that”.  Find the most experienced and knowledgeable receiver and/or service provider to the industry and team with him/her to benefit from their invaluable expertise.  Minimizing rookie mistakes, and there are many potential pitfalls, is essential if one wants to succeed quickly in this highly competitive and complex field.
     
    What are some tools that you feel are unknown or underutilized to some clients/NAFER members that you provide that you feel would be beneficial to be exposed to for their practice?

    Great ideas.  I never leave a meeting without new insights and ideas to improve the administration and outcomes of my receiverships.

    Harnessing the power of “big data” and emerging artificial intelligence are now crucial for efficient and effective forensic investigations.  For example, de-duplicating email and document archives, through automated processes, can reduce storage costs (and search time) by a factor of 3x-5x.  Similarly, powerful e-discovery programs can greatly streamline and economize litigation and, as importantly, enhance outcomes.


    What have you found to be most valuable in your membership in / involvement with NAFER?

    Great ideas.  I never leave a meeting without new insights and ideas to improve the administration and outcomes of my receiverships.

  • 05 Sep 2017 2:30 PM | NAFER (Administrator)

    NAFER is pleased to have Epiq as a Gold Sponsor for our Oct. 18-20th Conference! Here are a few things you can learn about them and how their services can benefit you as a NAFER member:

    What is the Epiq difference?

    Epiq is able to provide services to the receivers, trustees, and fiduciaries from the time they are appointed to final distribution and final report filed to the court. We understand that the initial needs of the receiver are very time sensitive, and we quickly jump in to allocate time and necessary resources to address your needs right after your appointment. We have services and software for every point and turn of the process, and solutions for any industry complaint or matter. We like to partner with you to ease your burden, and plug in wherever you need us most!

    How can the Epiq software help in legal cases and matters?

    The unique software can provide any type of service that a legal case or matter would require. It provides online integrated banking, asset management, case management, and a whole series of reports. It offers a comprehensive application that clients can use, perfectly geared toward trustee and fiduciary matters, as well as specific receivership services.

    We’ve also incorporated some of the receiver requirements into our unique software. SEC filings require a SFAR, and we’ve incorporated that into our software application so a receiver can just do it there! Our software is very robust in helping receivers through the distribution process. It can calculate out and track the names, the amounts, if people have been partially paid back, or any security in place that has to be handled. We know it’s a very involved and complex process, and our job is to help with that. We have a distribution out of our Portland office that can handle big cases in a matter of minutes, and our software has the ability to handle that for smaller cases if a receiver wants to handle it themselves.

    How do you stand out from your competitors?


    Our competitors do bits and pieces of what we do, but we have everything you could need to manage a case. One essential part of what we do is the banking side, in which we partner with multiple banks in key areas (LA, NY, Chicago) and have contracts with them. We can negotiate terms of banking. Often times when a receiver is assigned a case, the money disappears. They freeze the account, and they try to get control of the money before it disappears. We can help because we can ramp up in all of these areas. Our banking partners know these are cases we deal with, and they’re equipped to open bank accounts immediately and discuss terms when needed.

    We have a full fleet of services that handles every aspect of the legal industry. We tie our software offerings with our service offerings to provide any support you may need, and we are unique in that sense. Some companies might have trustee-specific software, but not necessarily for all the other services. If there is a need for someone to handle data, retrieve it and secure it before they disappear, Epiq has a huge e-discovery group that does just that. If a website is needed for investors and victims to go and look for information on a case, we can set that up and host it for them. If a company is in need of a call center where people can call in and get their questions answered, we can provide that in multiple languages. We can also provide strategic communications and public relations services when receivers don’t know how to get certain messages across or FAQs written.  No one can do that using one company, so these are the things that set us apart!

    Do you have any examples of client success stories you'd like to share with the NAFER audience?

    There was a retail fraud that utilized almost every very aspect of our services. They needed their data secured, a website, and call centers in multiple languages because there were 160,000 victims worldwide that were being defrauded. In this retail case, money was going to an individual, so they engaged us to secure data, retrieve the servers, clean everything up and present it in a way that was useful to the receiver.

    In another example, the depth of services we were able to provide for a financial services SEC complaint filing was very unique. They had a flow of funds unique to SEC cases, with several entities set up. They had to be reporting not only individually, but also the collective flow of funds. We were able to maneuver software in a way to meet the receiver’s needs. In this particular case, we had directed the receiver and staff to manage the case and entities with our software. The benefit was that the receiver was able to go to one place and see full reports on all entities regarding the case and flow of funds. We were able to get bank accounts opened quickly and get the flow of funds over to control by the receiver.

    Whether it be a small, medium, or a large case that needs every service we have, we’re able to plug in where the need is and provide services and solutions to the receiver!

    To learn more, visit us at www.epiqsystems.com.

  • 05 Sep 2017 2:20 PM | NAFER (Administrator)

    We're grateful to have PwC as a Diamond Sponsor for our Oct 18-20th Conference! Learn a bit more about their services here in this Q&A!

    For a new NAFER member who may not be familiar with your company and/or its solutions, can you tell us a bit about how your company/organization formed and it's key value propositions to receivers?

    At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services.  Our industry-leading knowledge and exceptional resources can help you with your many receivership/trustee challenges across the globe. Our experience extends across numerous industries, including financial services (banks, investment companies, broker-dealers, securities firms, etc); real estate; manufacturing; and retail. Our restructuring advisory and forensic services professionals have direct experience in the industry of the entity in receivership, liquidation, or conservatorship. To find out more and tell us what matters to you by visiting us at www.pwc.com.

    Are there any specific industry topics you'd like to discuss as we look towards the NAFER conference to showcase your viewpoint(s) as a service provider for many in this industry?

    We have a long history helping receivers and trustees navigate their challenges. Tap into our detailed knowledge and experience in resolution and receivership management to address a variety of matters including:

    • Early risk identification and resolution strategy planning
    • Transition of operations to the Receiver
    • Managing operations and executing the Receivership strategy
    • Tracing funds and conducting other forensic analyses
    • Gathering and preserving electronic evidence
    • Recovery of lost and/or mismanaged assets
    • Disposition/conversion of assets
    • Entity wind-down and close out of the estate
    • International Asset Searching / Global Intelligence
    • Expert or Fact Witness Testimony

    What advice would you give someone who has recently entered into the receivership industry based on your interactions with so many in this line of work?

    Utilize NAFER as one of your primary resources for meeting colleagues, networking and professional development.

    What are some tools that you feel are unknown or underutilized to some clients/NAFER members that you provide that you feel would be beneficial to be exposed to for their practice? 

    I think many Receivers primarily think of PwC related to the Forensic Accounting services that we provide.  However, many Receivers forget that PwC can also; 1) help a receiver to preserve, collect and analyze electronic information; 2) perform global asset tracing services; and 3) assist the Receiver related to the strategy, operation and disposition of a business with significant ongoing operations.

    What have you found to be most valuable in your membership in / involvement with NAFER?

    NAFER has assisted me in broadening my exposure and network with the Receivership community.  This community can then be leveraged for expertise and advice as you navigate the issues on each unique receivership engagement.

  • 05 Sep 2017 2:07 PM | NAFER (Administrator)

    NAFER is grateful to have East West Bank as a Diamond Sponsor for our Oct. 18-20th Annual Conference! Here are a few things you can learn about them and the services they offer:

    For a new NAFER member who may not be familiar with your company and/or its solutions, can you tell us a bit about how your company/organization formed and it's key value propositions to receivers?
     
    Headquartered in California, East West Bank is a top performing commercial bank with exclusive focus on the United States and Greater China markets.  East West Bank is one the few American banks that have a full banking license in China; it operates in more than 130 locations across the United States with branches/offices in California, Georgia, Nevada, New York, Massachusetts, Texas and Washington. In the Greater China Region, East West has locations in Hong Kong, Shanghai, Shantou, Shenzhen, Beijing, Chongqing, Guangzhou, Taipei, and Xiamen.
     
    East West Bank’s Specialty Deposit Services group provides nationwide private banking services for court appointed fiduciaries such as federal equity receivers.
     
    Are there any specific industry topics you'd like to discuss as we look towards the NAFER conference to showcase your viewpoint(s) as a service provider for many in this industry?
     
    Maximizing return to the estate:  with the anticipated continued rise in interest rates, now is a perfect time to review the return that is accruing on receivership estates. 
     
    What are some tools that you feel are unknown or underutilized to some clients/NAFER members that you provide that you feel would be beneficial to be exposed to for their practice?

    Banking products such as foreign exchange and positive pay.  With the global economy we operate in, foreign exchange trades are a large part of the corporate world. Maximizing foreign exchange return is an essential tool receivers.

    Positive pay is an automated fraud detection tool. In its simplest form, it is a service that matches the account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized.  All three components of the check must match exactly or it will not pay. It is an essential tool for receivers making large distributions.

    What have you found to be most valuable in your membership in / involvement with NAFER?

    The development of new relationships and the strengthening of existing relationships; as well as the sharing of ideas.  The NAFER organization and the structure of events is  very conducive to networking; which, of course, facilitates productive dialogue; ultimately resulting in us learning more and becoming better professionals.

  • 04 Sep 2017 2:00 PM | NAFER (Administrator)
    We are happy to have BMS as a Diamond Sponsor for our Oct. 18-20th Annual Conference! Here are a few things you can learn about them and the services they offer:

    For a new NAFER member who may not be familiar with your company and/or its solutions, can you tell us a bit about how your company/organization formed and it's key value propositions to receivers?

    BMS started out as a division of a bank in 1987 that eventually became a part of Chase. This division provided software to assist fiduciaries manage their cases in exchange for placing deposits with the bank. Initially, our primary clients were Chapter 7 Bankruptcy Trustees; however, over the years, as our software and banking services have expanded, our client base has become more diverse and now includes a large number of receivers. In 2003, BMS split off from Chase to become an independent company.

    BMS provides receivers and other fiduciaries with tailored depository services through our network of banking partners and end-to-end case administration software for your receivership engagements. With decades of experience in the industry, our services are designed to ensure your success by keeping your expenses down and allowing you to maximize value to the estate.

    Our banking services are offered with absolutely no monthly fees and no charges for common banking transactions including wire transfers and stop payments. In addition, all deposits are FDIC insured and we offer master signature cards to allow quick opening of new accounts. Plus, you’ll work with a single team of banking experts at BMS regardless of which of our partner banks holds your deposits.

    You can learn more of our services by visiting http://www.bmsadvantage.com/corporate-restructuring/.

    Are there any specific industry topics you'd like to discuss as we look towards the NAFER conference to showcase your viewpoint(s) as a service provider for many in this industry?

    From our many years of working with receivers, we believe topics such as Accounting and Reporting or Asset Liquidations and Claims Distributions can help receivers in the day-to-day operations of their practices. Unlike bankruptcies, which tend to have a more structured process, no two receiverships operate exactly alike. This is good and bad as it allows for much greater flexibility but also leaves a receiver wondering what they can do (or not do).


    What advice would you give someone who has recently entered into the receivership industry based on your interactions with so many in this line of work?

    We would advise that the receiver develop a plan early on as to how you would like to oversee the receivership then engage quickly with the judge and be transparent with them regarding what actions they wish to take. We also recommend that the receiver engage legal counsel early in the engagement to protect the estate.

    We also recommend that a receiver carefully evaluate their administrative and banking systems. One of the areas that many receivers have challenges with is being able to keep track of all the moving parts of a receivership and ensuring the timely flow of monies.

    What are some tools that you feel are unknown or underutilized to some clients/NAFER members that you provide that you feel would be beneficial to be exposed to for their practice?

    The NAFER database is a rich source of information that may be used to reach out to other receivers in order to get advice from their peers since there are a lot of nuances to receiverships and much of what can and cannot be done is situational and not written down.

    What have you found to be most valuable in your membership in / involvement with NAFER?


    NAFER has given us the opportunity to expand our knowledge of receiverships to better support our existing clients – several of whom are on the NAFER board. NAFER has also allowed us to interact with other receivers who are yet to become clients of BMS.

  • 16 Jun 2017 10:52 AM | NAFER (Administrator)

    NAFER is excited for the continual growth in our membership! We would like to welcome the newest members, and we look forward to the expertise each of you will bring to our community.

    Agency Member:
    Roberto Anguizola with the Federal Trade Commission (Washington D.C.)

    Full Members:
    Daniel Burstein with Guide Post Solutions  (New York, NY)
    Eric Goodman with BakerHostetler (Cleveland, OH)
    Neil Gordon with Arnall Golden Gregory LLP (Atlanta, GA)
    Jeffery Schneider with Levine Kellogg Lehman Schneider Grossman LLP (Miami, FL)

    
Associate Members:
    Folashade Abiola-Banjac – CliftonLarsonAllen (Arlington, VA)
    Lois DeLucia - Schiff Hardin LLP (New York, NY)
    Terri Gardner - Nelson Mullins Riley & Scarborough,LLP (Raleigh, NC)
    Geoff Winkler – Bates Group Lake Oswego, OR)

    International Associate Members:
    Monika Sheldon-London with ALPHA Financial Technical Service (France)
    Ayodele Kusamotu with Kusamotu & Kusamotu (Nigeria)

    Industry Members:
    Garry Hayes - Law Office of Hayes and Welsh (Henderson, NV)
    Jocelyn Szekretar – Oak Pointe Partners (New York, NY)

    If you'd like to become a member of NAFER, please contact: Natalie Wonnacott at Natalie@NAFER.org

  • 14 Jun 2017 2:35 PM | NAFER (Administrator)

    We would like to invite you to participate in our new blog! This will be a space on our website where members can extend value to other members in the community through an article, as well as connect and network with others. Each article will be posted on the blog section of the NAFER website, and links to the article will be shared across our social media platforms to all followers. Members are invited to create and submit articles to share insights, opinions, thoughts on interesting cases, regulatory updates within the industry, and other topics that may benefit other members.

    Blog articles would be 300-350 words, and we will credit you as the author and list your contact information if you'd like.  If interested, please send a draft to Steve at steve.donell@fedreceiver.com.

    Thank you, and we look forward to building this blog space for our community!

  • 09 May 2017 12:47 PM | NAFER (Administrator)

    When I wrote my first article for The Receiver (January 2017), I indicated that I had new appreciation for the work of my predecessors.  Now that I have held this office for six months, that appreciation for the accomplishments of past presidents Robert Wing, Steve Donell and Ira Bodenstein has grown exponentially. 

    Working from the extraordinary foundation they built, my fellow NAFER Board Members and volunteer committee leaders are working at an accelerated pace to keep up with the phenomenal growth and development momentum that is occurring within our association.  Here are just a few of the highlights:  The Regional Program Committee is planning three Regional Programs in 2017: the first will be in Miami on May 11th at the Four Seasons (Brickell Ave).  Two additional programs are being planned for this year watch for additional announcements for locations and dates.  The Judiciary Outreach Committee is developing a program aimed at opening discussion with federal district court and magistrate judges around the country.  Their goal is to educate these judges about the role of federal equity receivers. The Website Committee is steeped in the process of upgrading our site’s organizational structure.  We are also preparing to launch a new and exciting logo and brand image in the next 60 days.  The Website Committee has also worked to implement a new, targeted, strategic Social Media Marketing Plan that will enhance the value of all top-level Regional and Annual Conference Sponsorships. 

    The International Committee has the British Virgin Islands as the next location for our second annual international conference (stay tuned for more, but save January 28 – 30, 2018 for this very educational - and enjoyable! - event).  Working in conjunction with the Membership Committee, the International Committee’s proposal to create a new category of membership allowing for international insolvency experts to join NAFER was just adopted by the board. The “International Associate Member” category in now officially available for our insolvency peers around the globe.

    Last, but certainly not least, the Annual Conference in Miami is now just under six months away.  The Receiver Training Camp returns this year and will include an international component; six great educational panels are planned (including the ever-popular Judges Panel), and our keynote presentation is one you won’t want to miss.  This year’s keynote presentation will be a unique look at the case history of an actual Ponzi scheme featuring the fraudster, SEC enforcement counsel, the receiver, and receiver’s counsel. In an open, “fireside chat” format, the SEC’s Marshall Gandy joins NAFER President Greg Hays and Troutman Sanders Managing Partner David Dantzler as they discuss the development – and eventual unraveling – of convicted Ponzi scheme perpetrator Travis Correll's $100M Ponzi scheme.

    You’ll find more information on the conference and the Receiver Training Camp in this issue and additional information is on our website at www.NAFER.org/annual-conference.  That’s all for now, but watch for additional updates and news in our next issue of The Receiver, scheduled to be published this summer.

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Please Contact us with any questions.

Maureen Whalen
NAFER Executive Director
Maureen.Whalen@NAFER.org

Natalie Wonnacott
NAFER Member Relations Lisaison
Natalie@NAFER.org


Address:
2828 Cochran Avenue, Suite 178
Simi Valley, CA 93065

Telephone:
(805) 285-0756
Email:
Maureen.Whalen@NAFER.org

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