A short update note on the Digital Altitude Receiver’s website informs visitors that the Receivership is due to wind down soon.

Victims of the $54 million dollar scam have also been advised they are mostly screwed.

The Receiver’s latest update appears to have gone live on or around September 24th.

It’s short and sweet;

The Receiver will be concluding the Receivership in the coming months.

Unfortunately, no significant assets were recovered.

The FTC will institute a process for consumer redress, but consumers should be aware that any payments will most likely be only a small fraction of consumers’ losses.

Where funds deposited into Digital Altitude wound up is unclear.

Also unknown is why the Receiver chose not to initiate clawback proceedings against Digital Altitude’s top earners.

The Receiver’s August 15th Fifth Report reveals the Receivership is sitting on $1.7 million dollars.

$207,434 has been collected in Receivership fees, accounting for 11.2% of funds recovered.

This is the first time I’ve seen a Receiver not follow through with a claims process. I’m not sure how the FTC will proceed but I’ll keep an eye out for any updates.

🤖 Quick Answer

What is the status of the Digital Altitude Receivership?
The Receivership is concluding within coming months. A receiver's update from September 24th indicates minimal asset recovery occurred during proceedings, leaving victims with minimal compensation prospects through FTC consumer redress processes.

How much money was involved in the Digital Altitude fraud?
The Digital Altitude scam totaled approximately $54 million in victim losses. The Receiver's inability to recover significant assets means consumers face substantial financial deficits.

What compensation can victims expect?
Victims should anticipate minimal reimbursement through FTC-administered consumer redress procedures. Payments will likely represent only a small fraction of individual losses sustained during the fraudulent scheme.

Why were clawback proceedings not initiated?
The Receiver chose not to pursue clawback actions against Digital Altitude's top earners. No official explanation has been provided regarding this decision

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