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How are you guys handling the 2019 distribution on your tax returns? Schwab called it a sale with no cost basis. I believe it is a return of capital.
This notice is to inform you that JOHN MAXWELL's release date has been changed. The inmate is now scheduled to be released on January 2, 2023. The inmate is not eligible for parole.
Wow really,so I guess the bankruptcy court will close it out.
Sad day for us waiting for another distribution. Doug Skierski said there will be no more. It looks like the powers-to-be ate up all the additional monies. A fitting end to the years of hope and misery.
Nope. This "liquidation" will play out when the money plays out. It ought to be illegal for this game to play out past, say, 12 months yet this one goes on for ever and ever. There should have been certain proceeds recovered and converted by DOJ from the "broke" individuals but I guess their families are enjoying life off out nickel. A victim just can't win anymore.
Is it possible we might get one more penny out of this battered old slot machine?
Q4 2019 – Cash as of 12/31/2019 $438,119
https://www.slideshare.net/malp2009/doc1093-quarterly-operating-report-2019-1231
Q3 2019 – Cash as of 9/30/2019 $411,851 - Drip - Drip - Drip
https://www.slideshare.net/malp2009/doc1092-quarterly-operating-report-2019-0930
Jog 49
First the 14 mill is collectively, they were given several years to hide the money, they were given public defenders because they claimed they were broke. I was told that it takes years to get any money from the DOJ , it looks like a lot of are group will be in the ground by the time the money is released unfortunately.
Jog 49
First the 14 mill is collectively, they were given several years to hide the money, they were given public defenders because they claimed they were broke. I was told that it takes years to get any money from the DOJ , it looks like a lot of are group will be in the ground by the time the money is released unfortunately.
Jog 49
First the 14 mill is collectively, they were given several years to hide the money, they were given public defenders because they claimed they were broke. I was told that it takes years to get any money from the DOJ , it looks like a lot of are group will be in the ground by the time the money is released unfortunately.
Thanks for the reply Windsome. I think the 700-800K represented the plane, boat, etc. and don't know why that hasn't been distributed. I was more interested, though, in what effort was made to collect on the $56,000,000 in fines against the four principal RICO shysters. You know all four should have been closer to wealthy than flat broken.
Would that be the duty of the Attorney General?
Jog49
All the assets were sold the money is in the DOJ hands ,and they have a tight grip on it. 700 k to 800 k
"Sentencing is complete:
Nicodermo Scarfo Jr. 30 years + $14 million restitution
Salvatore Pelullo 30 years + $14 million restitution
William Maxwell 20 years + $14 million restitution
John Maxwell 10 years + $14 million restitution
The restitutions will go to shareholders on what can be recovered, seized, and converted. Is it DOJ's responsibility to see that restitution is maximized and distributed? How will we be able to follow the progress?"
*************************************************************************
Are we to assume the DOJ was unable to confiscate not even one red cent from these well-to-do, if not wealthy, individuals for restitution to their victims?
Q2 2019 – Cash as of 6/30/2019 $415,183
https://www.slideshare.net/malp2009/doc1091-quarterly-operating-report-2019-0630
General Business payments $15,344, for what?
Other Disbursements $4,875, for what?
Hi Malp
The us Marshall has our money,450,000 for the boat ,224,000 the plane.My guess 50 k for the bently,and another 50k for the rest. Since Trump fired Paul Fishman ,and Stve D augano died ,others retired. Now we need to get them to give us our money back. I call them every other day and they don't return my calls.They are on the 8th floor in the federal building in Newark nj.
Distribution finally showed up in my etrade account on Friday 5/17.
Malp, I posted this earlier, but I think the government alphabet agencies actually did more damage to shareholders than the criminal elements who were invited in by at least one of the principals. Government bureaucracies have zero interest in the people they supposedly exist to protect. Seized assets are like pirate's booty to them.
Windssome52, when you say that Kkr had the money for over a month now on 2/11/19, were you talking about the distribution money, that we just received, or the plane money?
What ever happened to the boat money, the bentley coin, or anything else that was recovered from the RICO case that is ours?
And if that was not the plane money, what happened to that?
Anybody?
Not that it matters at this point, but I think the government alphabet agencies ultimately did far more harm to ordinary FPFX shareholders than the organized crime elements. The FBI and DOJ had just a little south of zero concern for shareholders in my opinion, and their principal goal, for all appearances, was to achieve good media headlines in a mafia prosecution. As for the bumbling SEC, they were arguably complicit with the corporate principals who were methodically bleeding away the considerable assets of FPFX. On a nostalgic note, who still thinks J.D. Draper probably died of something other than natural causes?
Overall, I think I may have come out about even over the 19 years of trading in and out of this POS at times and factoring in the various distributions. I doubt any of us legitimate shareholders could ever have imagined, in our wildest imaginations, all the bizarre twists and turns this thing would take with all the lies, betrayals, and outright criminality that ensued after so much promise at the beginning.
Same for me too . . . . and it was from FP.
Today, at 11:58 AM PT, I got $.01234394 per share at TD Ameritrade
I also received 2 letters (from Schwab) via US mail announcing the distributions & who they were from. You guys need to switch to Schwab!
Kcc needs to call Ameritrade and find out what happened to the money.
wolffdp and SW44 are both reporting as have gotten recent distributions. Wonder what is going on?
You nailed it Winsome52, and furthermore, they editorialized on the unlikelihood of a distribution from a bankrupt entity.
I too called Ameritrade and they don't know anything.
TD Ameritrade stated there has been no distribution for FPFXQ in response to my query a few days ago. They helpfully offered to remove the "worthless" shares from my account.
FYI: I have still only received a distribution for shares I held directly in certificate form. Still haven't seen anything for shares held in my etrade account.
Well, here I sit with egg on my face. Last Wednesday, wolf posted:
"Been a VERY long time since I posted.
Just received a distribution payment check of $0.0123439398 per share."
I got excited that we were getting something, checked the cash balance at TDAmeritrade, saw added cash, and calculated a per share payment slightly different that wolf's payment but still okay. Today, I looked at my cash balances to check on a dividend payment and low and behold, what I thought was a payment from the Trustee for FPFX was actually a dividend payment from CISCO Systems. So . . . . NO, I have NOT received any distribution payment concerning FPFX as I had first thought (without bothering to look at the source). I'm sorry if I got anybody excited but a couple have now chimed in that they received a disbursement so maybe something will come along to the unpaid before too long.
I received a nice distribution last week in my 2 Schwab accounts.
Nice to see you all still posting after all these years! Are we due anymore cash?
My Ameritrade hasn't posted any money in my account yet either.
it's been a very long time since
I posted anything, use to post on
the raging bull board, anyway I've
not received anything yet maybe
next week. I went by action jackson
Apparently, Nicky Jr's extended "family" is bigger than previously reported. Wiseguys everywhere you look is this sad saga.
Little Nicky still "strong arming" us from his prison cell? I had hoped that we would be plundering what he had accumulated off our backs. I thought DOJ was going to confiscate all his ill gotten properties and return the monetary value back to equity holders. Suspiciously looks like Obama's DOJ did the work and what was once ours is spread around the Chicago area now! LOL!
Your broker probably had to kick-up the difference to Little Nicky.
That's "interesting".
I had some shares in certificate form and some in a brokerage account. This check was for the certificate shares. I haven't received anything yet in the brokerage account. It'll be interesting to see if the two numbers are different.
Q1 2019 - Cash as of 3/31/2019 $435,146
https://www.slideshare.net/malp2009/doc1090-quarterly-operating-report-20190331
3rd distribution $573,022 on 1/18/2019
Over 3 months and I have gotten nothing
I haven't received anything. I wonder what's going on. Is there anyone else who hasn't received this latest distribution?
Thanks for reporting wolff. I had a deposit made Wednesday in my brokerage account and I received payment in the amount of $0.010196666. Wonder how you and I got different per share payments?
Been a VERY long time since I posted.
Just received a distribution payment check of $0.0123439398 per share.
I'll never understand how the two mobsters pilfered FP, got convicted and fined $14 million each and the shareholders get restitution of $0? Who has ever seem mobsters who had no assets, property, anything, etc?
Thanks to living in this banana republic of ours, victims have to pull double duty by being victims coming and going.
KCC now has our money 3 months,they must need it to keeps themselves afloat
KCC now has our money 3 months,they must need it to keeps themselves afloat
Thanks, Malp2009.
From the FORM 10KSB for Year Ending 12/31/2006
From page 33 of 61 – page F-11
6. Stockholders’ Equity (continued)
In July 2006, the Company instructed the Grantor Trust to make a distribution to holders of the Company’s common stock on a pro rata basis as of August 3, 2006, in an aggregate amount equal to 50% of the funds representing 53% of the FPFG Intercompany Claim previously assigned to the Grantor Trust of funds received, after reserves and expenses incurred on behalf of the trust, by the Grantor Trust from the registry of the court in the Grantor Trust Lawsuit in accordance with the Company’s Settlement Agreement with Danford L. Martin, individually, on behalf of the FPFX Shareholder Value Committee and the FPFX Steering Committee and as attorney-in-fact for all of the Petitioners in the Election Suit (as defined therein). The Company distributed $3,618,864. The Company has determined that the distribution was a return of capital since the Company did not have any current or accumulated earnings and profits.
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_______________________________________________________________
EXCERPT FROM MAY 11, 2009 SHAREHOLDER UPDATE/PRESS RELEASE
Department of Justice Investigation
The Company continues its cooperation with the United States Attorney's Office in New Jersey into allegations that individuals associated with organized crime in the Pennsylvania/New Jersey area orchestrated sales of several businesses controlled by the same organized crime figures to FPFG at inherently unfair terms in 2007. FBI agents executed search warrants in 2008 at various locations in Texas and Pennsylvania and those records remain under review by the United States Attorney's Office in Camden. Importantly, the Company has been advised that it is not a target of that criminal investigation. However, two current Board members have been advised that they are targets. (According to the U.S. Attorney Manual, a "target" is "a person to whom the prosecutor or grand jury has substantial evidence linking him or her to the commission of a crime and who, in the judgment of the prosecutor, is a putative defendant...") In addition, other individuals, including two individuals associated with organized crime, are being investigated for possible criminal charges.
Key insight into the investigation was gained by FPFG from reading the sentencing letter filed by Assistant U.S. Attorney Steve D'Aguanno on September 11, 2008 in a related criminal prosecution styled U.S. v. Daniel Daidone. Mr. D'Aguanno's letter reveals how the Government's investigation, using wiretaps and seized documents, seeks to unravel the transactions that were allegedly orchestrated by the organized crime members who assumed control of FPFG.
In very graphic terms, Mr. D'Aguanno's letter reveals Mr. Daidone's affiliation with prominent members of the Philadelphia La Cosa Nostra, including its boss Nicodemo Scarfo, Sr. It details Mr. Daidone's employment with a company called CST Soil Solutions and his affiliation in 2007 with Salvatore Pellulo and Nicodemo Scarfo, Sr. (Salvatore Pellulo has a prior federal conviction in 1999 for bank fraud and making a false statement to the SEC, and a 2002 federal conviction for wire fraud in New York. Nicodemo Scarfo, Sr., and his son Nicodemo Scarfo, Jr. also have federal convictions.)
Mr. D'Aguanno's September 11, 2008 letter then states: "In early June 2007, a group of individuals headed by Pellulo and Nicodemo Scarfo, Jr. assumed control of a company named FIRSTPLUS FINANCIAL GROUP, INC ("FPFG"), a financial services corporation located in Dallas, Texas. Following the takeover, (Harold) Garber (a close associate and attorney for Scarfo, Sr.) was named the chairman of the new board of directors. A June 14, 2007 wiretapped conversation, detailed in Mr. D'Aguanno's sentencing letter, reveals Scarfo, Sr. and Scarfo, Jr. discussing Garber's takeover of FPFG as an associate of the Scarfos.
Mr. D'Aguanno's letter then outlines how FPFG, under Garber's direction, created a subsidiary called Rutgers Investment Group. Inc which then entered into a transaction to purchase Rutgers LLC, an entity controlled by Pellulo and Scarfo, Jr. through two other corporate entities. Mr. D'Aguanno's letter then states: "A review of bank records related to this transaction, as well as other transactions, has revealed that FPFG transferred several millions of dollars between June 2007 and May 2008 to corporate entities controlled by Pellulo and Scarfo, Jr., including Rutgers LLC."
Likewise, FPFG remains vitally interested in discovering the details of these transactions to determine what remedies might be undertaken on behalf of its shareholders.
As noted above, besides his focus on Messrs. Pellulo, Scarfo, Jr., Scarfo, Sr., Garber, and Daidone in connection with FPFG transactions, Mr. D'Aguanno has issued target letters to two current FPFG Board members, Mr. John Maxwell and William Handley. Mr. Maxwell has in turn, according to a Philadelphia Inquirer article published on April 11, 2009, "lashed out" at the FBI and the U. S. Attorney's Office in New Jersey.
The Board of Directors has removed Messrs. Maxwell and Handley from their officer positions within FPFG. Under applicable law, FPFG cannot remove Messrs. Maxwell and Handley from their Board positions. In order to effectively remove Messrs. Maxwell and Handley, the Board, in anticipation of an annual meeting of shareholders, has nominated a slate of directors that do not include Messrs. Maxwell and Handley.
From the Philadelphia Inquirer 5/09/2008
The plain face of an alleged fraud ring
A probe of mob-related fraud focuses on firms run from a nondescript South Philadelphia building.
By George Anastasia
Inquirer Staff Writer
The nerve center for a group of companies at the heart of an organized-crime-related financial-fraud investigation is a nondescript building in the 1200 block of Bainbridge Street in South Philadelphia.
That, according to several sources familiar with the ongoing probe, is where Salvatore Pelullo operates a consulting business.
Pelullo, whose businessmen brothers have long been identified as associates of the Philadelphia mob, was described by sources last week as one of the people who put together the business deals that are now the focus of a federal probe.
The Elkins Park resident did not return numerous phone calls last week seeking comment.
The investigation is focusing on companies based here, in Texas and in Florida. Their businesses include financial services, construction and development, auto sales, a corporate-jet service and a chartered-yacht company.
Pelullo and Nicodemo S. Scarfo, the son of jailed mob boss Nicodemo "Little Nicky" Scarfo, are two of 20 individuals listed in a search warrant executed Thursday as part of the ongoing investigation.
FBI agents, in a series of coordinated raids Thursday morning, seized scores of documents from nearly a dozen locations, including Scarfo's home in Atlantic County, his lawyer's office in Cherry Hill, and the offices of FirstPlus Development, a company based on the second floor of 1231 Bainbridge St.
Sal Pelullo, 41, maintains an office on the third floor. His brother, boxing promoter Arthur Pelullo, 53, runs his company, Banner Promotions, from the first floor of the three-story brick building.
Officials with the U.S. Attorney's Office in Camden, which is coordinating the investigation, declined to comment Friday.
Sal Pelullo is described by several individuals familiar with the probe as a consultant for both FirstPlus Development and its parent company, FirstPlus Financial, which is based in Irving, Texas.
A spokesperson for FirstPlus Financial contacted by telephone on Friday declined to comment.
In addition to records and documents, three individuals familiar with the investigation said authorities seized a yacht, a plane and a luxury automobile, a Bentley, during Thursday's raids.
The yacht and the Bentley were in Miami. The plane was in Texas.
The investigation is focusing on allegations of wire fraud, bank fraud, money-laundering, extortion and the interstate transport of stolen property, according to one of the search warrants.
Pelullo has a federal conviction for fraud and served about six months in prison. His older brother, Leonard, was convicted of fraud in a separate case. His brother Arthur was, at one time, denied a license to promote boxing in Connecticut casinos because of his alleged mob ties.
That ban was later lifted.
A third brother, Peter, was identified in a 1990 Pennsylvania Crime Commission report as an associate of "Little Nicky" Scarfo's.
Scarfo's nephew and former underboss, Philip "Crazy Phil" Leonetti, also testified about alleged mob ties to the Pelullo brothers after he became a cooperating government witness.
The brothers have denied those allegations.
Salvatore Pelullo, the youngest of the four brothers, was described as tough-talking and arrogant by business asociates here and in Texas.
He is, they said, fascinated with the underworld and constantly quoting lines from poplar gangster moves.
Once weighing nearly 300 pounds, Pelullo is said to be very health-conscious and trim. Now weighing about 150 pounds, he shows up for work most days in tight-fitting jeans, cowboy boots and a tailored blazer over a form-fitting sports shirt, another associate said.
How Pelullo connected with the younger Scarfo and what role Scarfo has played in the companies now under scrutiny remain two unanswered questions in the case.
Scarfo's lawyer, Donald Manno, declined to discuss specifics of the investigation, but said Scarfo intended to "deal with this situation aggressively."
"No charges have been filed, and we hope none will be because in our estimation none are warranted," Manno said.
One of the search warrants executed last week was for documents and records from Manno's office.
The warrant asked for all documents and materials related to the various companies and individuals listed in the probe for a period from August 2006 to the present.
The companies listed included FirstPlus Financial and its subsidiaries.
Sources said the plane that was seized was operated by Velia Charters Inc., one of those subsidiaries.
On its Web site, Velia describes itself as "an aviation specialist used exclusively to aid in the travel needs of FirstPlus Financial Group, its subsidiaries and any other company interested in top of the line service."
The yacht seized in Miami was owned by P.S. Charters, another company listed in the search warrant. It was unclear if it was connected with FirstPlus.
On a Web site touting its business, P.S. Charters describes itself as specializing in "corporate entertainment and events."
"Through years of experience in the yachting as well as entertainment industry, you can rest assured that P.S. Charters will leave a lasting impression on you and your guests."
Calls to the company's phone number in Miami on Friday went unanswered.
A woman answering the buzzer at FirstPlus Development on Bainbridge Street Friday morning said no one was available to talk about the investigation.
Calls to company president William Bianco also were not returned.
The company lists its business as general contracting, restoration and development.
Three of its executives, Bianco, field superintendent Alfredo Ferraro and Anthony Persiano, senior vice president of estimating, were also named in the search warrant issued last week.
--------------------------------------------------------------------------------
Contact staff writer George Anastasia at 856-779-3846 or ganastasia@phillynews.com.
___________________________________________________________
Philadelphia Inquirer 5/12/2008
The plain face of an alleged fraud ring
A probe of mob-related fraud focuses on firms run from a nondescript South Philadelphia building.
By George Anastasia
Inquirer Staff Writer
The nerve center for a group of companies at the heart of an organized-crime-related financial-fraud investigation is a nondescript building in the 1200 block of Bainbridge Street in South Philadelphia.
That, according to several sources familiar with the ongoing probe, is where Salvatore Pelullo operates a consulting business.
Pelullo, whose businessmen brothers have long been identified as associates of the Philadelphia mob, was described by sources last week as one of the people who put together the business deals that are now the focus of a federal probe.
The Elkins Park resident did not return numerous phone calls last week seeking comment.
The investigation is focusing on companies based here, in Texas and in Florida. Their businesses include financial services, construction and development, auto sales, a corporate-jet service and a chartered-yacht company.
Pelullo and Nicodemo S. Scarfo, the son of jailed mob boss Nicodemo "Little Nicky" Scarfo, are two of 20 individuals listed in a search warrant executed Thursday as part of the ongoing investigation.
FBI agents, in a series of coordinated raids Thursday morning, seized scores of documents from nearly a dozen locations, including Scarfo's home in Atlantic County, his lawyer's office in Cherry Hill, and the offices of FirstPlus Development, a company based on the second floor of 1231 Bainbridge St.
Sal Pelullo, 41, maintains an office on the third floor. His brother, boxing promoter Arthur Pelullo, 53, runs his company, Banner Promotions, from the first floor of the three-story brick building.
Officials with the U.S. Attorney's Office in Camden, which is coordinating the investigation, declined to comment Friday.
Sal Pelullo is described by several individuals familiar with the probe as a consultant for both FirstPlus Development and its parent company, FirstPlus Financial, which is based in Irving, Texas.
A spokesperson for FirstPlus Financial contacted by telephone on Friday declined to comment.
In addition to records and documents, three individuals familiar with the investigation said authorities seized a yacht, a plane and a luxury automobile, a Bentley, during Thursday's raids.
The yacht and the Bentley were in Miami. The plane was in Texas.
The investigation is focusing on allegations of wire fraud, bank fraud, money-laundering, extortion and the interstate transport of stolen property, according to one of the search warrants.
Pelullo has a federal conviction for fraud and served about six months in prison. His older brother, Leonard, was convicted of fraud in a separate case. His brother Arthur was, at one time, denied a license to promote boxing in Connecticut casinos because of his alleged mob ties.
That ban was later lifted.
A third brother, Peter, was identified in a 1990 Pennsylvania Crime Commission report as an associate of "Little Nicky" Scarfo's.
Scarfo's nephew and former underboss, Philip "Crazy Phil" Leonetti, also testified about alleged mob ties to the Pelullo brothers after he became a cooperating government witness.
The brothers have denied those allegations.
Salvatore Pelullo, the youngest of the four brothers, was described as tough-talking and arrogant by business asociates here and in Texas.
He is, they said, fascinated with the underworld and constantly quoting lines from poplar gangster moves.
Once weighing nearly 300 pounds, Pelullo is said to be very health-conscious and trim. Now weighing about 150 pounds, he shows up for work most days in tight-fitting jeans, cowboy boots and a tailored blazer over a form-fitting sports shirt, another associate said.
How Pelullo connected with the younger Scarfo and what role Scarfo has played in the companies now under scrutiny remain two unanswered questions in the case.
Scarfo's lawyer, Donald Manno, declined to discuss specifics of the investigation, but said Scarfo intended to "deal with this situation aggressively."
"No charges have been filed, and we hope none will be because in our estimation none are warranted," Manno said.
One of the search warrants executed last week was for documents and records from Manno's office.
The warrant asked for all documents and materials related to the various companies and individuals listed in the probe for a period from August 2006 to the present.
The companies listed included FirstPlus Financial and its subsidiaries.
Sources said the plane that was seized was operated by Velia Charters Inc., one of those subsidiaries.
On its Web site, Velia describes itself as "an aviation specialist used exclusively to aid in the travel needs of FirstPlus Financial Group, its subsidiaries and any other company interested in top of the line service."
The yacht seized in Miami was owned by P.S. Charters, another company listed in the search warrant. It was unclear if it was connected with FirstPlus.
On a Web site touting its business, P.S. Charters describes itself as specializing in "corporate entertainment and events."
"Through years of experience in the yachting as well as entertainment industry, you can rest assured that P.S. Charters will leave a lasting impression on you and your guests."
Calls to the company's phone number in Miami on Friday went unanswered.
A woman answering the buzzer at FirstPlus Development on Bainbridge Street Friday morning said no one was available to talk about the investigation.
Calls to company president William Bianco also were not returned.
The company lists its business as general contracting, restoration and development.
Three of its executives, Bianco, field superintendent Alfredo Ferraro and Anthony Persiano, senior vice president of estimating, were also named in the search warrant issued last week.
--------------------------------------------------------------------------------
Contact staff writer George Anastasia at 856-779-3846 or ganastasia@phillynews.com.
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