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Frequent Asked Questions


What is a Receiver?

A Receiver is an individual appointed by the United States District Court to act as a neutral party responsible for administering the assets of the receivership entities and to distribute them to the investors and creditors. The Court provides instructions concerning the Receiver’s various responsibilities, duties and obligations. The Order Appointing Receiver sets forth the Receiver’s duties in this case. The Receiver makes periodic reports to the Court. The Receiver will distribute the recovered assets to investors and creditors in accordance with an order from the Court.


Who does the Receiver work for?  

The Receiver is an agent of the Court and therefore works for the appointing judge.  The beneficiaries of the Receiver's work are the investors and creditors. 


Can I write off my investment loss?

The Receiver cannot give tax or other legal advice.  Please consult with your accountant or tax advisor and seek their advice.


Do you have an estimate of what percent of our original investment may be returned to us in the form of a distribution? 

It is too early to make such an estimate. The Receiver cannot disburse funds or securities to creditors and investors until there has been a “Liquidity Event,” as defined by the operating agreements for the SRA Funds and until a Distribution Plan has been approved.  The ultimate value of the shares, and whether there is a shortfall or surplus of shares, is unknown at this time. Additionally, the amount of administrative or other priority tax claims is presently unknown, which may impact distribution amounts.


Can an Investor’s position be liquidated at this time?

The Receiver will hold all shares in each series until a Liquidity Event occurs. The Receiver will dispose of the shares pursuant to the Distribution Plan that is approved by the Court.


Can I still file a claim?

A claims bar date was ordered by the Court, which was January 31, 2018. The Court has ordered that the Claims Bar Date may be reopened for the limited purpose of serving individuals and entities who may not have previously received notice. If you did not receive notice of the Claims Bar Date, please feel free to submit a claim with an explanation of why it is being submitted late, and the claim will be evaluated by the Receiver. Submission of a late claim is not a guarantee that such claim will ultimately be allowed. The Court has established May 14, 2019 as a firm claims bar date after which claims which have not been filed will be disallowed in their entirety. 


Is my Broker Dealer, responsible for my losses, and, if so, what will the Receiver do? 

Investors will need to consult with their own attorney to ascertain their rights to pursue personal claims against brokers.


Is the Receiver under any time constraints by the Court and the SEC?  

The Receiver shall file status reports with the Court every 120 days, which will reflect any upcoming established hearings or deadlines. Otherwise, at this time, there are no specific time frames specified by the Court. In addition, investors are advised that the receivership is part of Securities and Exchange Commission lawsuit enforcement litigation.  Litigation by its very nature takes time.  Notwithstanding the foregoing, the Receiver intends to move as quickly as possible, given the circumstances, but respectfully requests investors to be patient.


How do I contact the Receiver?

All parties are encouraged to search the site first, before attempting to contact the Receiver directly, which will keep costs down and limit the administrative burden to the estate. If direct contact is necessary, the Receiver can be contacted at:

Kathy Bazoian Phelps, Receiver

Diamond McCarthy LLP

1999 Avenue of the Stars, Suite 1100

Los Angeles, CA 90067

(310) 651-2997

[email protected]


The website will also be updated to reflect significant receivership events.



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