Last we checked in approximately $21 million was scheduled to be returned to WCM777 victims in February.

In the Receiver’s Fourteenth Interim Report, filed September 7th, we finally got confirmation payments went out as planned.

WCM777 affiliates with valid claims received 3912 checks and 462 PayPal payments.

For various reasons, over 25% of the total approved claim amount was not cashed by receiving affiliates.

As of June 30, 2017, 1,252 checks totaling $5,861,030 of the manual check payments remained outstanding or unclaimed.

And as of June 30, 2017, approximately 78 PayPal payments totaling $239,921 were ultimately rejected, unclaimed or denied.

Reasons cited for the large percentage by the Receiver include

the geographic diversity of claimants, payment negotiation challenges surfaced – from inability to negotiate a check written on a United States bank account, to claimants waiting until insufficient time existed for foreign banks to clear a check written on a United States bank account, to misplaced checks, to claimants unwillingness to provide updated address information (possibly due to immigration concerns), to undeliverable addresses (e.g., claimants did not provide apartment numbers).

In an attempt to maximize successful victim claims, the Receivership sent out communications to affected affiliates in April and July.

In light of a significant number of responses, Epiq and the Receiver have reissued the unnegotiated interim distributions, providing 60 days to negotiate same [sic].

(Editor’s note: I believe “same” above is supposed to read “again”)

So that’s where we’re currently at.

The Receiver has stated that she anticipates outstanding Receivership tasks will be completed by the end of 2017, at which time a final distribution will be made to affiliates with allowed claims.

That will then wrap up the Receiver’s duties, with an order seeking to close the Receivership to follow.

Update 20th December 2017 – 
The WCM777 Receiver’s Fifteenth Interim Report was filed on December 15th.

Nothing much new in the report, with the Receivership still on track to wind down by the end of 2017.

🤖 Quick Answer

How much money has been returned to WCM777 affiliate victims according to the Receiver's report?
The Receiver's Fourteenth Interim Report confirmed approximately $14.9 million was successfully returned to WCM777 affiliates with valid claims through 3,912 checks and 462 PayPal payments as of September 2017, though over 25% of approved claim amounts remained unclaimed or undelivered.

Why did a significant portion of returned funds remain unclaimed by WCM777 affiliates?
The Receiver attributed the large percentage of unclaimed funds to geographic diversity of claimants and payment negotiation challenges. As of June 2017, 1,252 outstanding checks totaling $5.86 million and approximately 78 rejected PayPal payments worth $239,921 remained unclaimed or denied.

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