Trade Partners Examiner - Steve Harr, Examiner

MAILING LIST
Use the links below to verify and to update the Trade Partners Receivership mailing list:

Frequently Asked Questions

1. What is the status of my policy?
A. All policies have been pooled for funding purposes. Authority to pay premiums from the proceeds of matured policies has been granted to the Trade Partners Receiver. It is hoped that these proceeds will ultimately enable the Trade Partners Receiver to establish a distribution plan. Under these rulings, you no longer own an interest in a specific policy. You have claims against all of the assets of the Receivership. .

2. I invested in only non-aids policies. Why have my policies been pooled with other policies, when I used better due diligence in selecting my investment?
A. All policies have been pooled for funding purposes because the premium funding accounts have been depleted to the point where all policies would be lost without combined efforts. This applies to both aids and non-aids policies. Further, until a review of the portfolio is complete, the Trade Partners Receiver cannot verify that directives given to Trade Partners as to particular investments were, in fact, carried out. Investors who received assurances that their funds were directed to particular investments are encouraged to report that using the comment features on this site.

3. I made an investment through my IRA. I now have to make a mandatory withdrawal, unless the value of my investment is now diminished significantly. What is the present value of my investment?
A. The Trade Partners Receiver filed a Motion with the Court to request an order be issued to Retirement Accounts Incorporated directing them to determine the value of your investment in Trade Partners as “unknown.” This is believed to be a valid determination that will prevent mandatory withdrawals and other taxable events. See Motion and Order on this issue.

4. Who is Bruce Kramer?
A. Bruce Kramer is the Receiver appointed by the United States District Court for the Western District of Michigan for. He was appointed by consent of Trade Partners. This was done following a suit by Michael Quilling, as Receiver for Advanced Financial Services, against Trade Partners. In that suit, it was alleged that Trade Partners had failed to properly maintain escrow funds.

5. What is a receiver?
A. A receiver is a person appointed by a court to take possession and control of a company or assets. Usually, this is done at the request of a petitioning creditor, based upon allegations that the company or person for whom the receiver is appointed cannot be expected to maintain the company or assets. A receivership is not a bankruptcy. A receiver may or may not elect to apply for bankruptcy court protection. Rather, a receiver “steps into the shoes” of the company or person for whom the receiver is appointed. A receiver acts under the supervision and at the pleasure of the appointing court.

6. Who is Michael Quilling?
A. Michael Quilling is the Receiver appointed by the United States District Court for the Northern District of Texas for Advanced Financial Services and Mr. Larry Tyler. Mr. Quilling was appointed at the behest of the Securities and Exchange Commission in the course of a civil enforcement action, which remains pending.

7. Why are there two receivers?
A. Trade Partners and Advanced Financial Services are different entities.

8. What is the relationship between Trade Partners and Advanced Financial Services?
A. AFS was a Trade Partners broker.

9. Do I need to hire a lawyer?
A. The Examiner is not a substitute for a lawyer.

10. What is RAI?
A. Approximately 800 Trade Partners investors are also clients of Retirement Accounts Incorporated. This company was recently purchased by First Trust Corporation (www.firsttrust.com). First Trust was established in 1962. It is based in Denver, Colorado. It reports that it has 217,000 IRA’s under management, representing $17.62 billion. First Trust is a subsidiary of the conglomerate, Fiserv, Inc., which is a publicly traded company (www.fiserv.com). Click here to view RAI’s current website. All of the RAI accounts are self-directed. If you have any questions about your account, you may call 1-800-325-4352, or 303-294-5959. RAI’s fax number is 303-294-5899. Its mailing address is P.O. Box 173785, Denver CO 80217-3785. See also Question No. 3 above.

11. I invested through an IRA, but my check is made out to me. What should I do?
You should talk to your own accountant, tax advisor, attorney or retirement account custodian as to whether you want this distribution to go back into your IRA, or to you. If you wish to keep your funds within your IRA, you should talk to your retirement account custodian as to how to effect a transfer back to your IRA before doing anything with the check.