Funding Resource Group, Inc.
On November 13, 1998, the SEC obtained temporary restraining orders, asset freezes, and other emergency relief against Funding Resource Group, Inc., its principals, and other defendants, in connection with a Ponzi scheme. The SEC alleged that the defendants raised $15 million from hundreds of investors by selling them interests in a succession of non-existent prime bank trading programs. For more information about the SEC's action, you can read Litigation Release Nos. 15980 (November 18, 1988) and 16796 (November 8, 2000).
The court appointed Michael J. Quilling of Dallas, Texas as Receiver to oversee the collection and distribution of assets. On January 23, 2001, the Receiver mailed a letter and claim form to all known investors. The deadline for returning claim forms is March 15, 2001. For the latest information about the receivership, please visit the Receiver's website.