Association for Betterment through Education and Love, Inc. and Anthony O. DeGregorio, Sr.
On June 3, 2011, the SEC filed a complaint against Association for Betterment through Education and Love, Inc. (“ABEL”), and Anthony O. DeGregorio, Sr. alleging that ABEL and DeGregorio raised money from various investors in violation of the registration requirements of the Securities Act of 1933. For more information about the SEC’s action, you can read Litigation Release No. 21988 (June 3, 2011).
On December 14 and 15, 2011, the Court ordered ABEL and DeGregorio to return ill-gotten gains, and they have paid them to the court registry. On February 14, 2012, the Court approved the SEC’s plan for distribution. Under the plan, persons who invested money with ABEL may be eligible to recover money. If you believe you may be eligible to participate in the distribution, please read the SEC’s Distribution Plan and the Court’s Order Authorizing the Creation of Fair Fund, Appointing Plan Administrator and Approving Distribution Plan. These documents contain important information, including how eligibility and the amount to be paid will be determined, how to object to the Plan, how the claims process works and the significant dates and deadlines.
If you wish to file a claim, you must submit in writing your Proof of Claim, as defined in the SEC’s Distribution Plan, postmarked no later than April 16, 2012. If you fail to meet this deadline, you will not receive any distributions of disgorged profits. Please note that if you are already listed in the Distribution Plan as an Eligible Claimant, you will still need to submit a timely Proof of Claim, though you will not need to submit any supporting documentation to submit a claim for the amount listed in the Distribution Plan.
Please note that the tax consequences of participating in the distribution may vary depending on your individual circumstances, including whether you held an ABEL “CD” or a “charitable gift annuity.” Please consult with your tax advisor with respect to the specific tax consequents of the distribution to you.
Proofs of Claim should be filed with:
Todd D. Brody, Esq.