U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

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
722 East McBee Avenue
Greenville, SC 29601
Phone: (864) 239-0079
Fax: (864) 239-6672
Email: receiver@globalvision.net


Modified: 11/09/2006