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

Pay Pop, Inc.

On May 1, 2006, the Honorable Paul L. Friedman, United States District Court Judge for the District of Columbia, entered an Order approving Richard Weissman as the Distribution Agent to distribute funds paid by defendants in four related SEC enforcement actions:† SEC v. CIBC Mellon Trust Co., SEC v. Desjardins, SEC v. Nevett, and SEC v. Soloski.† The Order sets forth the process for the distribution of funds paid to the Court in these actions, based on allegations brought by the SEC relating to an alleged fraudulent scheme to promote, distribute and sell the stock of Pay Pop, Inc., a now-defunct British Columbia-based telecommunications company.

For more information about the SECís actions, you can read Litigation Release Nos. 18366 (Sept. 26, 2003), 19081 (Feb. 16, 2005) and 19430 (Oct. 14, 2005).

Persons eligible to file claims with the Distribution Agent are those who purchased Pay Pop shares between July 1998 and September 1999. If you believe you are eligible to participate in the distribution fund, you should review the memorandum from Richard Weissman explaining the Court Ordered Claim Procedure and the Notice of Last Day to File Proof of Claim.

The Court by its Order entered on November 29, 2007 approved all claims the Distribution Agent received and approved as of approximately September 30, 2007. The Distribution Agent made a distribution to these approved claimants in February 2008.

The Court also authorized the filing of additional late claims with the Distribution Agent under certain conditions. The Distribution Agent is currently processing additional late claims for submission to the Court for review and approval. The Court will be informed of only late claims delivered to the Distribution Agent bearing a postmark no later than Monday, March 31, 2008. The Court may not approve all late claims submitted. However, for the Court to consider any late claim, it must be sent to the Distribution Agent by March 31, 2008.

If you wish to file a claim, you should print out the online Proof of Claim Form, immediately fill it out, attach all of the investment financial information required and mail the claim package to the Distribution Agent. Overnight mail is suggested. Should you have any questions, promptly call the Distribution Agent. Undue delay in filing a claim may result in the total loss of your opportunity to achieve some recovery from currently available funds held by the Court in respect to Pay Pop, Inc. 


Modified: 03/20/2008