Following a discharge motion filed earlier this year, the Digital Altitude Receivership has been formally closed.

The order was made on October 5th, following approval to pay $42,779 to Receivership staff.

We’ve previously covered the Receivership
opting not to pursue recovery
of $515,000 from John Souza and Paradise Media Ventures, and abandoning of worthless Falcon Oil & Gas shares.

At an October 5th hearing it was also revealed PayPal are sitting on $46,000. PayPal has advised the Receivership it will “only work with the FTC”.

As per the October 5th order, the Receiver is discharged. $1,488,296 will be transferred to the FTC “for the purposes of consumer redress”.

Details of how the FTC will proceed have yet to be disclosed. Ditto whether they’ll take any further action against PayPal or any of Digital Altitude’s net-winners.

Digital Altitude was a $54 million dollar pyramid scheme. Of that amount, the Receivership only recovered $2.1 million.

Despite net-winners like Jesse Singh boasting they scammed consumers out of millions, the Receivership failed to initiate clawback proceedings.

As I stated back in March, the Digital Altitude Receivership is one of the weakest attempts at consumer redress I’ve ever seen.

🤖 Quick Answer

What is the Digital Altitude Receivership and why was it closed?
The Digital Altitude Receivership was a legal entity established to manage assets from Digital Altitude, a company involved in financial disputes. It was formally closed on October 5th following a discharge motion, with remaining assets transferred to the FTC for consumer redress purposes.

How much money was distributed from the Digital Altitude Receivership?
Approximately $1,488,296 was transferred to the Federal Trade Commission for consumer redress. Additionally, $42,779 was allocated to Receivership staff compensation before the formal closure of the case.

What happened to the $515,000 associated with John Souza?
The Receivership opted not to pursue recovery of $515,000 from John Souza and Paradise Media Ventures. This decision was made due to the impracticality or impossibility of recovering these funds from

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