Receiver sues law and accounting firm that aided and abetted the Tri-Med scheme

 

On April 5, 2016, the Receiver and a committee of investors filed a class action complaint against a law firm and an accounting firm that aided and abetted the Tri-Med scheme.  Among other things, the complaint alleges that Minnesota- based attorney Jodi Johnson and her law firm, Stoel Rives LLP, knew that insiders were selling Tri-Med securities in violation of state and federal securities laws and making material, fraudulent misrepresentations and omissions to investors.  Nevertheless, they continued to provide legal services to Tri-Med and its principals, assisting Jeremy Anderson, among others, to divert millions of dollars in investors’ money to unauthorized purposes.  In exchange, they received hundreds of thousands of dollars in fees.  Similarly, accountant Charles Corces and his firm, Charles Corces, P.A., were supposed to provide escrow services to Tri-Med but they knowingly made improper payments from the escrow account and otherwise aided and abetted the Tri-Med scheme.  The case is currently pending in the United States District Court for the Middle District of Florida, but the Receiver and the investors committee are seeking to remand the case to state court where it was originally filed.  

 

Jeremy Anderson Arrested

 

The Receiver has learned that Jeremy Anderson was arrested in Minnesota on June 30, 2016, for grand theft by swindle. While the Receiver understands that the allegations surrounding that arrest are not directly related to Tri-Med but instead arise from efforts by Anderson within the last year to obtain money through other bogus activities tied to fake medical receivables, the Receiver will continue to coordinate with Minnesota authorities to assist in any way that he can and to protect any assets directly or indirectly tied to Tri-Med.

 

Introduction

 Welcome to the website of Receiver, Burton W. Wiand. Mr. Wiand has been appointed Receiver in the case of State of Florida, Office of Financial Regulation v. Tri-Med Corporation; Tri-Med Associates, Inc.; Jeremy Anderson; Anthony N. Nicholas, III; Eric Ager; Irwin Ager; and Teresa Simmons Bordinat a/k/a Teresa Simmons; Case No. 14-001695-CI in the Sixth Judicial Circuit in and for Pinellas County, Florida.


Brief Summary of the Case

On March 5, 2014, the Florida Office of Financial Regulation (“OFR”) filed a complaint in the Circuit Court for the Sixth Judicial Circuit in Pinellas County against Tri-Med Corporation; Tri-Med Associates, Inc. (these entities are referred to as the “Receivership Entities”); and Jeremy Anderson, Anthony N. Nicholas, III, Eric Ager, Irwin Ager, and Teresa Simmons Bordinat, a/k/a Teresa Simmons (the individuals listed here are collectively referred to as “Defendants”) charging the Receivership Entities and the Defendants with violations of the Florida securities laws and seeking to enjoin their violations of these laws in connection with a scheme to offer and sell unregistered securities. The OFR alleges that the Defendants used the Receivership Entities to defraud approximately 232 investors from at least October 2011 forward by using false claims and purported above-market rates of return to lure investors into investing in largely fictitious medical practice related accounts receivable backed by Letters of Protection (“LOPs”). The OFR also asserts that the Defendants raised more $13 million from these investors and misappropriated at least $6.2 million of these investor funds.

Where, as in this case, the OFR seeks the return of funds to investors, the OFR frequently pursues the appointment of a receiver to assist in marshaling assets on behalf of injured investors. These receiverships frequently arise in connection with alleged fraudulent investment schemes.

That same day, the Honorable Anthony Rondolino issued an order appointing Burton W. Wiand as Receiver over the Receivership Entities, noting the imminent danger of the loss of investor funds (the “Order”). The Order also imposed a temporary injunction and granted other relief as to all Defendants. The Court directed the Receiver to (i) administer and manage the business affairs, finds, assets, and any other property of the Defendants and Receivership Entities; (ii) marshal and safeguard the assets of the Defendants and Receivership Entities; (iii) investigate the manner in which the affairs of the Defendants and Receivership Entities were conducted and institute such legal proceedings for the benefit of the Defendants and Receivership Entities and their investors and creditors as the Receiver deems necessary and (iv) take whatever actions are necessary for the protection of the investors. We intend to fulfill our duties and responsibilities as Receiver in an expedient and efficient manner. The Court overseeing this receivership has broad powers and wide discretion to determine the appropriate relief.

This site contains links to copies of various court documents regarding this receivership. You will need Adobe Reader to view these documents.