Proposed Settlement with DeOliveiras

31 Mar

On March 31, 2015, Joseph W. Grier, III, Receiver, filed a motion to approve a settlement of the Receiver’s claims against Joseph and Rita DeOliveira, upon the terms and conditions more particularly described in the motion. Most basically, the settlement provides that, in exchange for an immediate payment of $28,000.00, the Receiver will release the DeOliveiras from any further liability for the net winnings they received from the Ponzi Scheme (totaling $69,200). Although the $28,000 payment reflects only 40% of the $69,200 in net winnings, after factoring in the DeOliveiras’ personal financial information, the costs and uncertainty of litigation and the costs and delays associated with collecting a judgment against the DeOliveiras, the Receiver believes the proposed settlement is in the best interest of the receivership estate.

If you do not want the Court to approve this motion, or if you want the Court to consider your views, then on or before April 14, 2015, you or your attorney must do the following: (1) file a written response explaining your position with the Court; (2) mail, fax or email a copy of your response to the Receiver; and (3) attend a hearing on your response, if the Court schedules a hearing.

Motion to Approve Settlement with Net Winners DeOliveira

Exhibit 1 – Motion to Approve Settlement with Net Winners DeOliveira

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2 Responses to “Proposed Settlement with DeOliveiras”

  1. Charlie March 31, 2015 at 6:24 pm #

    What a JOKE!!!!!!!! and I’m not laughing. I guess this means if there were to be any left overs, there being given away. Because they have it bad financially. NOT!

  2. John April 7, 2015 at 4:44 am #

    Charlie, you still don’t get it, do you? Your greed is the root of all Ponzi evil and will make you repeat the same mistake. Let the receiver finish it, we want the money back immediately.

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