The clients said that Meyer, who had communicated with them frequently, became hard to reach and even hostile after they asked for their money back. The investors said after they threatened legal action, Statim did return some or all of their funds. They requested to remain anonymous for this story.
“Any and all investors who seek the return of their investments have been and will be paid pursuant to the terms of the Private Placement Memorandum (PPM) that every investor signed at the time of the initial investment,” Sadow said. “Finally, any investor who claims to have threatened legal action did so for the sole purpose of attempting to skirt and evade the withdrawal provisions clearly set out and agreed to in the PPM.”
Broce, the Georgia spokeswoman, said that Statim filed some but not all of the required paperwork related to audits. The missing paperwork was among multiple irregularities that led to the investigation, the regulator said in its July statement.
This article was provided by Bloomberg News.