Thomas Seaman became the court appointed receiver for the Medical Capital fraud case on August 18, 2009. Thomas Seaman, filed his thirty fifth status report in the matter of Securities and Exchange Commission vs. for Medical Capital Holdings, Inc. et al. that is pending in the U.S. District Court for the Central District of Northern California. As of May 31, 2012, the receivership has recovered assets amounting to $144,500,889.99 and disbursed funds in the amount of $39,724,828.84, thus leaving $104,776,061.15 on hand. The receiver plans to continue selling assets and raising funds for the benefit of investors, and a final settlement with Wells Fargo Bank and Bank of New York Mellon is to bring in $106 million if approved. Sadly, this is still substantially below the total amount owed to investors.
If you invested with Medical Capital, do not feel as though your only option is to wait on the court appointed receiver to recuperate your losses, you can initiate other legal action, such as arbitration through the Financial Industry Regulatory Authority (FINRA) or a class action lawsuit.
The securities law firm of Sonn Law Group is currently representing many investors to sue broker, dealers and others who solicited investors to purchase Medical Capital Holdings’ private securities in the form of notes. If you are a retail or institutional investor and sustained investment losses related to Medical Capital Holdings, contact our securities fraud team. We can evaluate your situation to determine if you have a claim. Call 844-689-5754 for a free consultation. No recovery, No fee charged.