Hi everyone. Some of you may remember a while back I blogged about the Earn By Loaning “Investment Program” (it was really a HYIP) and how its creator got indicted by the SEC. Well, I’ve got some news related to this issues. Apparently “investors” funds are still locked up by the SEC and the liquidating agent still cannot distribute whatever money is still left in the Earn By Loaning estate. Here is a copy of the actual e-mail from the liquidating agent:
Since our last email communication of July 24, 2009, we have received a few inquiries about the status of this case.
As previously reported, Liquidating Agent entered into an indefinite Voluntary Freeze of the assets under its control.
As of this date, the SEC has provided no guidance on the lifting of this freeze.
Liquidating Agent has received and stored data on all claims received by the Bar Date of March 24, 2009.
Liquidating Agent intends to petition the court to pay fees and request guidance for distribution of all funds remaining in the estate.
Liquidating Agent is uncertain as to the time necessary for hearing and ruling on this petition.
As additional information becomes available, we will update you
For your reference, the SEC case number is CV-09-38-EFS.
For case details, go to: http://www.sec.gov/litigation/complaints/2009/comp20890.pdf.
Thank you for your continued patience.
Sincerely,
Liquidating Agent
Quest Holdings, Inc., dba Earn by Loaning
P.O. Box 3959
La Mesa, CA 91944
Phone: 619-668-4500
e-mail: questholdingsinfo@corpmgt.com
Patience eh? Hmm. I wonder if anything will really come of this. If people get a least a small portion of what they put in that would be great.
Alan