Dear NASI Investor,
Thank you for your emails. Please be assured that we are reading them, but there are too many to respond to each one individually. I will try to answer the more common questions on this page.
Aaron J. Kudla, Receiver over NASI
Question: Will there be another distribution to allowed claimants?
Answer: Yes, a final distribution will be made to all allowed claimants. We anticipate filing a motion to conclude the Receivership and make a final distribution by the end of the fourth quarter 2020.
Question: Will I receive an IRS
Form 1099-MISC for the distribution payment I received in 2019.
Answer: Yes, IRS Form 1099-MISC were filed and mailed to all U.S. tax payers on January 31, 2020 (foreign filers do not received 1099-MISC).
Question: When will I receive an IRS Form 1099-MISC from the Receiver showing the amount of payments I received from NASI in 2014?
Answer: The Receiver mailed 1099-MISC to investors who received payments from NASI in 2014 and whose EIN/SSN and address are on file with the Receiver. If you did NOT receive a 1099-MISC and your address is on file with the Receiver, the Receiver mailed you a letter requesting you fill out and mail/email IRS Form W-9 to the Receiver. Upon the Receiver’s receipt of your W-9, the Receiver will file a 1099-MISC.
Question: Are the payments I received from NASI taxable since NASI was a Ponzi scheme?
Answer: The Receiver does not provide tax advice and highly encourages you to discuss this issue with your CPA or tax advisor.
Question: Do I need to hire a lawyer to help me get a distribution from the receivership estate?
Answer: The Receiver and his counsel cannot provide legal advice to investors and investors may engage their own counsel if they choose. However, the receivership process is designed to protect investors and provide the maximum recovery from the assets of NASI and its affiliates for the benefit of investors. The receivership website is designed to provide information directly to investors and the claims process, which will happen after the Court approves it, will be designed to allow investors to fill out and submit claim forms on their own. At the appropriate time, detailed instructions on how to submit claims will be provided to investors. As long as they follow these instructions and submit a claim, investors with losses will receive distributions from the receivership estate.
Question: What should I be doing to protect my interest as investor in NASI? Do I submit some sort of claim with you? I am looking for direction as to what information you would like from me.
Answer: The most helpful thing you can do now is complete the Questionnaire that is posted on this website. We are currently going through all the records and matching the information to all of the NASI records we already seized. Also, please hold onto your records as we may need them in the future.
Question: Is there any chance of recovering the money?
Answer: We do not know yet because we have not had enough time to go through all of the records and to track all of the funds. However, I can assure you that I have a team working on it.
Question: How can we help in the case?
Answer: Again, filling out the Questionnaire and holding onto your records is the most helpful thing you can do for now. At some later time the SEC, Department of Justice or I may request your additional help.
Question: What data do we have to provide to you or the court?
Answer: At this time you need not present anything to the court. I will be reporting to the court and that information will be available to you on the website.
Question: If you could explain the recovery process, the time frame, what we could expect.
Answer: We are currently investigating NASI’s business records, related businesses, and history of their activities in order to build a picture of what occurred. The goal is to recover as much as possible but we are too early in the process to know how much that will be, or how long it will take.
Question: Will a fair fund or other type of recovery be set up for the investors to recover their money? If so, how and when does this happen?
Answer: Everything we recover will go into receivership estate and protected for the court. What is done with any recovery will ultimately be determined later and will have the Court’s involvement.
Question: I am wondering if the Receiver works on behalf of Canadian investors as well as American investors.
Answer: Technically the receiver works on behalf of the Court however our goal is to recoup as many funds as possible on behalf of all investors, no matter their nationality.