Le Club Prive S.A.

On August 24, 2000, the SEC was granted a temporary restraining order against Le Club Prive S. A. and others in connection with a fraudulent Internet pyramid scheme in which Le Prive disguised itself as an Internet investment club. The court also froze the assets of all of the defendants and relief defendants. For more information about the SEC's action, you can read Litigation Release No. 16665 (August 29, 2000).

The court also appointed Joseph J. Wielebinski as Receiver to oversee the collection and distribution of assets. Mr. Wielebinski has made a 100 percent distribution on all approved claims to those claimants who timely-filed claims. Additionally, Mr. Wielebinski also made full distributions to claimants who filed their claims within six months after the Court-Ordered Claims Bar Date. Those claimants who filed their claims more than 6 months after the Claims Bar Date have yet to receive distributions. The Receiver continues to resolve and administer to matters that he expects, subject to court approval, will lead to a final distribution by the end of this year to this class of claimants. For more information about the Receivership, you can visit the Receiver's website.

http://www.sec.gov/divisions/enforce/claims/leprive.htm