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

Cyprus Funds, Inc. and Latin American Services Co., Ltd.

On October 16, 2000, the SEC obtained a Final Judgment against the Cyprus Fund, an unregistered foreign mutual fund, its investment adviser, Latin American Services Co, and their principals. The SEC alleged that the defendants raised approximately $75 million from more than 1,000 investors, primarily through the fraudulent sale of unregistered securities. For more information about the SEC's action, you can read Litigation Release Nos. 16321 (Sept. 30, 1999) and 16768 (Oct. 16, 2000).

The Court appointed Michael I. Goldberg as Receiver to collect and distribute assets. To date, the Receiver has distributed approximately $12 million to defrauded investors. The Receiver expects to make a final small distribution to investors in the first or second quarter of 2007. In December 2007, Mr. Goldberg sent a letter to eligible claimants indicating that the Court had issued an Order closing the Receivership Estate and ordering a final pro-rata distribution to investors.

If you have a question, you can contact the Receiver at:

Michael I. Goldberg, Receiver
Akerman, Senterfitt & Eidson, P.A.
Las Olas Centre II - Ste. 1600
350 East Las Olas Blvd.
Fort Lauderdale, FL 33301
Phone: (954) 463-2700
Email: mgoldberg@akerman.com


Modified: 07/29/2008