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

Elfindepan, S.A. et al.

On August 17, 2000, the SEC obtained a preliminary injunction against Elfindepan, S.A., a Costa Rica corporation, Southern Financial Group, a North Carolina business trust, Tracy Dunlap, Jr., and others. The Court ordered the defendants to account for and repatriate investor funds, and the freezing of their assets. On February 6, 2001, the SEC amended its complaint to name additional defendants, including Strategic Asset Funds, S.A., a Panama corporation. The SEC contended that Dunlap, through the entities he controlled, misappropriated in excess of $25 million from investors by selling unregistered and fraudulent Elfindepan securities. For more information about the SEC's action, you can read Litigation Release Nos. 16649 (Aug. 10, 2000), 16892 (Feb. 8, 2001), and 16977 (Apr. 26, 2001).

The Court appointed Christine L. Myatt as Receiver for Elfindepan, S.A., Southern Financial Group, and Strategic Assets Funds. Ms. Myatt made an initial distribution of approximately $3 million to eligible claimants. She intends to make one final distribution at the close of the Receivership. At this time, it is not known when that will happen.

For the latest information, you can visit the Receiverís website.


Modified: 07/10/2007