SEC v. Norman G. Cornelius and Avalon Custom Homes, Inc.
On March 9, 1998, the SEC obtained a Final Judgment against Norman G. Cornelius who, doing business as Avalon Custom Homes, Inc., raised approximately $12 million from more than 400 investors, primarily through the fraudulent sale of unregistered promissory notes. For more information about the SEC's action, you can read Litigation Release Nos. 15369 (May 21, 1997) and 15815 (July 17, 1998).
The court appointed Melody M. Wilkinson as receiver to collect and distribute assets. The receiver has sent claims forms to all investors (and creditors) at their last known addresses. The claims forms must be returned to the receiver and postmarked no later than January 31, 2001. With potential claims exceeding $8 million, the receiver has cautioned investors that the distribution, if any, will be nominal, approximately two to three cents on the dollar.
If you have questions, you can contact the receiver in writing at her mailing address or facsimile number:
Melody M. Wilkinson, Receiver