First Choice Management Services, Inc. and Gary Van Waeyenberghe
On July 26, 2000, the SEC obtained a temporary restraining order, an asset freeze, and other emergency relief against First Choice Management Services, Inc. (FCMS) and Gary Van Waeyenberghe in the United States District Court at South Bend, Indiana (Cause No. 3:00CV0446RM). The SEC alleges that the defendants committed federal securities violations in connection with a nationwide investment fraud involving "Enhanced Automobile Receivables." For more information about the SEC's action, you can read Litigation Release No. 16635 (July 27, 2000).
The Court appointed Joseph D. Bradley as Receiver to take over the business operations and to locate, collect and distribute the assets of FCMS. In March 2005, the Receiver made a pro rata distribution of $3.8 million to approximately 600 investors, or 16.0% of each investor's allowed claim as determined by the Court. In December 2006, Mr. Bradley distributed $850,000 or 3.5% of each allowed claim. In December 2007, the Receiver distributed $900,000 or 4% of each investor's allowed claim. More recently, in August 2011, the Receiver made a fourth distribution of approximately $625,000 or 2.5% of each investor’s allowed claim.
Mr. Bradley continues to try to collect funds for FCMS investors and believes there is a possibility of one more distribution. The Receiver has filed periodic status reports with the Court, and has mailed copies of them to all FCMS investors and brokers on a quarterly basis. If you would like a copy of any of the reports, you can contact Mr. Bradley at his mailing address or facsimile number:
Joseph D. Bradley, Receiver