International Capital Management, Inc.
On September 30, 1998, the SEC obtained a temporary restraining order against International Capital Management, Inc. (ICM), and asset freezes against ICM and another company in which ICM transferred assets. The SEC alleged ICM raised approximately $18 million from more than 1,600 investors in connection with fraudulent foreign currency program. For more information about the SEC's action, you can read Litigation Release No. 15922 (October 2, 1998).
On June 28, 2000, the Court appointed John M. Hogan as Receiver to replace Dan Gelber. Mr. Hogan has recovered approximately $5.2 million and made an initial distribution to investors and creditors of nearly $3.3 million, and continues to pursue actions against other defendants. The Receiver set up a website with the latest information.