The latest Traffic Monsoon Receiver’s quarterly report suggests that a victim claims portal might not be too far off.

As with most Ponzi schemes, Traffic Monsoon failed to keep detailed records of transactions occurring within the platform.

Since being appointed, the Traffic Monsoon Receivership has had to sift through ‘
literally hundreds of millions of records and transactions approximating a billion dollars
‘.

Using the recreated records, BRG has been able to determine on a preliminary basis that there are 101,840 persons with claims against the Receivership Estate, and that the amount of total claims is in excess of $114,286,000.00.

The good news is that as of the end of the 2017 fourth quarter, ‘
the Receiver ha(s) completed the primary work on records recreation.
‘

There is still some work left to be done in this area, but the Receiver now has sufficient information to identify investors and determine claims, thus allowing her to take the next steps in administering the Receivership Estate.

Hopefully those “next steps” see a victim claims portal, or at least plans for one, announced sometime in the near future.

The Receiver’s analysis of creating and obtaining approval of appropriate claims procedures is ongoing.

This work will be complex given the number of claims that exist and the location of the claimants.

In the meantime, initial analysis of the recreated records has led the Receiver to determine

that she should commence work involving investigating and identifying certain claims of the Receivership Estate that may exist against, among others, those who profited from their investments with Traffic Monsoon.

Or in other words, clawback litigation against Traffic Monsoon’s top net-winners.

According to the preliminary report, 95 investors earned profits in excess of $50,000.

A lot of this is of course pending the outcome of
Charles Scoville’s preliminary injunction appeal
.

Oral arguments for the appeal have been
scheduled
for March 21st, 2018.

Stay tuned…

🤖 Quick Answer

What is the Traffic Monsoon Receivership portal initiative?
The Traffic Monsoon Receivership is developing a victim claims portal to process compensation for over 101,840 persons with claims exceeding $114.2 million. Following records recreation from the failed Ponzi scheme, the portal will facilitate claim submissions and potential clawback procedures to recover funds for affected investors.

Why was records recreation necessary in the Traffic Monsoon case?
Traffic Monsoon failed to maintain detailed transaction records during its operations. The Receiver had to reconstruct approximately one billion dollars in transactions from hundreds of millions of records to accurately identify victims and determine claim amounts for fair compensation distribution.

What progress has the Receivership made regarding documentation?
As of the fourth quarter of 2017, the Receiver completed primary work on records recreation. This milestone enabled the determination of preliminary claim information, establishing the foundation for implementing the upcoming victim claims portal

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