Glittergrove Investments, Ltd.
On February 18, 1999, the SEC obtained a temporary restraining order and asset freeze against Glittergrove Investments, Ltd. to prevent it from further distributions in two unregistered microcap stocks, Citron, Inc. and Electronic Transfer Associates, Inc. The SEC alleged that Peter Lybrand (formerly known as Peter Tosto) and several other defendants perpetrated a market manipulation in these stocks, receiving more than $12 million in illegal proceeds. For more information about the SEC's action, you can read Litigation Release Nos. 16064 (Feb 18, 1999), 16216 (July 22, 1999), and 16448 (Feb. 24, 2000).
The Court appointed Robb Evans as Receiver. The total amount of claims submitted by investors that the Receiver approved is $10.8 million. The Receiver, however, has only collected about $3 million in funds.
Recently, the SEC Division of Enforcement determined that it would be necessary to amend the distribution plan that was approved by the Court. According to the proposed amended distribution plan, Robb Evans will distribute the $3 million in recovered funds to the investors who have already received notice from Robb Evans that their claims have been approved. The distribution of funds will take place shortly after the SEC and the Court approve the proposed amended distribution plan.
On April 22, 2002, the Receiver distributed approximately $2.55 million to approved claimants (or 23.7 percent of the approved claims).