Chemical Trust, et al.
On January 7, 2000, the SEC filed an action against Chemical Trust, its principals, and relief defendants, alleging they fraudulently raised at least $50 million from more than 1,000 investors purportedly for the purpose of investing in U.S. Treasury notes and distressed real estate. The SEC further alleges the defendants in actuality perpetrated a Ponzi scheme. For more information about the SEC's action, you can read these litigation releases-16416 (January 21, 2000), 16594 (June 15, 2000), and 16644 (August 3, 2000).
In a related criminal forfeiture action, the Court appointed Beattie B. Ashmore as Receiver to collect and distribute the assets. In February 2002, the Receiver distributed approximately $22 million to investors, or roughly 44% of their initial investment less any “interest” they received from Chemical Trust. Mr. Ashmore is about to make an additional and final distribution to investors of 5% of their initial investment.
If you have questions, you can contact the Receiver at:
Beattie B. Ashmore, Receiver