Those who invested and lost money in WCM777 have had a long wait for updates.

A Receivership was appointed back in March, but other than a report that detailed the extent of Phil Ming Xu’s fraud, things have been pretty quiet.

Behind the scenes though the Receiver has been busy, recovering assets and selling off what Xu accumulated through his various fraudulent ventures.

Now, in a report sent out to WCM777 investors, Receiver Krista Freitag indicates net-loser investors will soon be able to lodge claims.

No date appears on Freitag’s notice, however I believe it was only published sometime in the last few days.

In it, Freitag outlines a brief history of WCM777 post SEC shutdown and then reveals her plans for net-loser claims:

The companies’ records indicate you may be a WCM777 investor. If so, it is imperative you carefully review the following information:

There are many investors who invested money with WCM777 and its affiliates. Each investor will have the opportunity to submit a claim to share in the prospective recovery from the assets of the company (also known as the receivership estate).

The only legitimate process for asserting a claim for prospective recovery from the receivership estate will be a formal claims process conducted by the Receiver with approval from the Court.

A website has been established to provide investors with information about the receivership: (Ozedit: incorrect URL removed). Please check the website regularly for important updates about the case.

All communications will come directly from the Receiver and will be posted on the receivership website. If you receive a communication purporting to be from the Receiver and such communication does not appear on the receivership website, the communication is not from the Receiver.

Note that I believe the first link quoted in the letter might be a typo, as at the time of publication that domain is not registered (unscrupulous lawyer registering said domain in 3…2…1…).

The actual WCM777 Receivership website, quoted correctly later in the notice, is at http://www.worldcapital
market
receivership.com.

As with all Ponzi Receivership cases, although the claims process might be just around the corner, actual payouts to victims are still a ways off.

In time, the Receiver will provide information and instructions such that investors can submit claims and evidence of actual payments to the receivership entities. This process, however, must first be approved by the Court.

At this time, the Receiver is still in the process of recovering assets; it is impossible to provide a timeline, but this receivership is complex and it may take considerable time until distributions to investors can be made.

For reference, the SEC shut the Zeek Rewards Ponzi scheme down back in August 2012. It was only a few days ago that
the first round of checks were mailed out to net-loser investors
.

WCM777 was smaller than Zeek, but it gives you an idea of how long this process can take.

In

🤖 Quick Answer

What updates has the WCM777 Receiver provided regarding investor claims?
Receiver Krista Freitag announced that net-loser investors in WCM777 will soon be able to lodge claims following asset recovery efforts. The Receivership, appointed in March, has been recovering assets and liquidating properties accumulated through Phil Ming Xu's fraudulent operations. Freitag outlined her claims procedure plans in a recent notice to investors.

What is the current status of WCM777 asset recovery?
The Receiver has been actively recovering assets and selling off accumulated properties from WCM777's fraudulent ventures. While the Receivership was established in March, detailed public updates remained limited until the recent investor notice outlining the claims procedure and asset liquidation progress made to date.

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