This Notice is being sent to all investors of Troy Bank who sustained a loss of some or all of their investments and/or other payments made to this Ponzi operation.
As you are probably already aware, Troy Bank defaulted on its promises and obligations to its investors and stopped making payments in February 2007. The website for this program went offline at about the same time. Initially, Troy Bank blamed its cessation of operations on “Estonian authorities” who were performing an “audit” or review of their operations. However, this almost certainly was not true and was likely nothing more than an excuse to buy time used by the operators to attempt to abscond with the funds paid by the investors.
We were hired by several of the defrauded investors to file a lawsuit against Troy Bank, and, thanks to this prompt action, we were able to stabilize and secure certain accounts held by Troy Bank before those funds could be withdrawn and dissipated.
This case was filed as a class action lawsuit on behalf of all those investors who had sustained a loss. After a hearing held on April 23, 2007, the court certified the class, entered final judgment against Troy Bank and its John Doe operators and approved the proposed distribution of recovered funds to the investors.
The class consists of approximately 3,800 investors, who collectively lost approximately $2.1 million to the operators of this illegal Ponzi scam.
You are considered to be a member of this class if you made payments or deposits to Troy Bank and sustained a loss, which is calculated as the sum of your deposits less any payments (i.e., interest payments and/or withdrawal of principal) received. Those who received more from Troy Bank than they put in (i.e., those who are “in profit”, and have not sustained a loss) are not a member of the class and will not participate in the distribution. All calculations concerning deposits, payments, losses and profits are based on the records procured by us through the course of this litigation and are based on actual documentation evidencing all of the transactions. Therefore, we will not require the members of the class to provide us with “proof” of deposits or losses.
Based on the total of the funds we recovered in the litigation, the distribution to each class member/victim will be approximately 20% of his/her net loss. In other words, if your net loss was $1000, you will receive approximately $200 in the distribution phase. This represents a substantial recovery on behalf of the class members, especially considering that Ponzi operators routinely escape with 100% of their investors’ funds.
We have already distributed the recovered assets, and you should have received your distribution. (You should check your e-gold account to verify.) The memo line on the deposit will reference the “Troy Bank Lawsuit”. If you did not receive a distribution, it is likely because your account has a “Spend Block” in place or does not accept payment from US account holders. In either case, please contact us by reply email.
Congratulations to all concerned regarding this prompt and successful recovery.
Michael J. Bruzzese
The Bank Tower, Suite 1008
307 Fourth Avenue
Pittsburgh, PA 15222
Scott Michael Hare
Bartony & Hare, LLP
The Frick Building - Suite 1806
437 Grant Street
Pittsburgh, PA 15219
Tel: 412-338-8632
Fax: 412-338-6611
This communication and accompanying document(s) or files are CONFIDENTIAL and PRIVILEGED and intended for sole use by addressee. If received in error, disclosure, copying, distribution or taking of action relative thereto is prohibited. Inadvertent disclosure shall not compromise or waive attorney-client privilege as to this communication or otherwise. If received in error, please delete the communication and contact me at the phone number above. Thank you kindly.
