On September 21, 2012, U.S. District Judge William S. Duffey Jr. appointed Robert D. Terry as Receiver over Summit Wealth Management, Inc., Summit Investment Fund, LP, Asset Class Diversification Fund, LP, and Private Credit Opportunities Fund, LLC.
Through this website, the Receiver will keep interested persons apprised of his progress toward the goals of the receivership, including gathering assets, receiving and verifying claims, and, if possible, proposing a plan to distribute assets to approved claimants.
Mr. Terry uses this website to post updates on his progress and to upload copies of the Interim Reports and other documents he files with the Court.
Please read the Receiver's answers to
On June 1, 2018, Receiver Robert D. Terry sent a Notice of Receiver's Motion for Approval of Settlement of Disputed Claims and Settlement Agreement, and for Entry of a Bar Order to all claimants and other interested parties. The Receiver emailed the Notice to claimants who previously confirmed their email addresses with the Receiver's office. The Notice was mailed via first class mail to claimants who have not confirmed their email address with the Receiver or do not have an email address. The Notice, and the Motion for Approval of Settlement of Disputed Claims, and for Entry of Bar Order referred to in the Notice, are available for download below.
On Thursday April 26, 2018, the Receiver mailed all receivership distribution checks to the claimants specified in the Receiver's Plan of Distribution and approved by the Court on September 21, 2017 (Document 131).
On Thursday April 12, 2018, the Receiver filed a Notice of Intent to Distribute Receivership Funds. Below is a link to a copy of the Notice.
Below is Judge Duffey's Opinion and Order filed today.
Below is the Receiver’s Opposition to The Meyers Group, Inc.’s Motion for Leave of Court to Initiate Litigation Against the Receiver for Breach of Fiduciary Duty [Document 141] and Receiver’s Opposition to The Meyers Group, Inc.’s Motion to Vacate Order Approving Plan of Distribution and Objection to the Receiver’s Plan of Distribution [Document 142] that were filed with the Court today.
Below is the Receiver's Opposition to the Meyers Group's Motion for a Rule 1 Conference Regarding a Stay of the Current Briefing Schedule on Modification of the Distribution Plan (Doc. No. 135).
Below is the Receiver's Motion to Modify the Distribution Plan's Proposed Distribution to Claimants 470 and 485 (Doc. No. 133).
Below is the Judge's Opinion and Order on the Receiver's Plan of Distribution with the Amended Schedules and the Motion for Special Distribution.
Below is the Receiver’s Motion for Special Distribution that was filed with the Court today.
Below is the Receiver’s Response to the Objection of Alexandria Capital, LLC to the Receiver’s Motion to Approve Plan of Distribution as Amended that was filed with the Court today.
The Court has ordered that a hearing will be held at 2:30 p.m. on Tuesday, September 19, 2017 for the purpose of considering the Receiver’s Proposed Plan of Distribution in this case, as amended, and any objections to the Proposed Plan. Important information, including the manner of making an objection, are contained in the Order, which is posted here. Any objections must be received by the Court and the Receiver not later than Wednesday, August 16, 2017.
In addition, the Order provides that any claim not enumerated in the Proposed Plan that is not filed by August 16, 2017 will be forever barred.
The Receiver is sending a copy of the Order to each Claimant by email or first-class mail.
On July 17, 2017, the Receiver filed an Amended Exhibit to the Receiver’s Motion to Approve Plan of Distribution and Memorandum of Law in Support (Doc. No. 125), which is also posted below. Adjustments have been made to the amounts proposed to be distributed to claimants in Exhibit 1 Schedule B. The proposed distributions are labeled by claim numbers, which were emailed or mailed to claimants on March 31, 2017.
On June 8, 2017, the Receiver filed the Receiver’s Motion to Approve Plan of Distribution and Memorandum of Law in Support, which is posted below. In Exhibit 1, Schedule B, the proposed distributions are labeled by claim numbers, which were emailed or mailed to claimants on March 31, 2017.
On March 15, 2017, the Receiver filed his Eighth Interim Report with the Federal District Court. Click below to read the report.
On December 30, 2016, the Receiver filed his Seventh Interim Report with the Federal District Court. Click below to read the report.
We are now in the process of preparing a proposed plan to distribute the assets of the receivership. This plan must be presented to the Court for its approval. As a first step, we are determining whether your contact information as previously submitted to us remains valid. If you filed a claim with the Receiver in connection with your account activities at Summit Wealth Management, you should have received an email on Wednesday, November 16, 2016 asking to confirm your contact information.
Please be sure to click on the link in that email by Wednesday November 30, 2016, so we can update your records.
If claims were submitted under different names, you may receive more than one email. Please click on the link in each email, so all records can be updated.
If you did not receive an email, please contact Ruby, Office Manager at Parker MacIntyre, at 404-490-4060 or via email at firstname.lastname@example.org.
Following this process, we will be in contact when we have completed the proposed distribution plan or if we have any questions regarding your claim.
UPDATE FROM RECEIVER - July 14, 2016
The Receivership has received funds totaling $1,487,500 representing the proceeds of a settlement with Federal Insurance Company for coverage under an errors and omissions insurance policy. The Receiver is preparing a proposed plan of distribution for those funds.
In addition, Angelo Alleca pleaded guilty to two counts of conspiracy to commit mail and wire fraud relating to the Summit Wealth Management funds and Detroit Memorial Partners. Sentencing is set for October.