Alanar Receivership

U.S. District Court Authorizes Distribution of $5 Million in Pooled Funds to Eligible Investors and Approved Trade Creditors

admin — Mon, 09 Jan 2012 20:35:01 +0000

On January 3, 2012, the U.S. District Court for the Southern District of Indiana granted the Receiver’s request for authorization to make a fourth distribution of $5 million of pooled funds to eligible investors in the Category B and “Other” bond issues and the Churchmen’s Bond Funds and approved trade creditors. A copy of the Court’s order may be viewed here. Payments will be mailed to investors on or before January 31. Please allow time for mailing.

Important Update: Receiver Files Motion for Authorization to Make a Fourth Distribution of $5 million in Pooled Funds to Eligible Investors and Approved Trade Creditors

admin — Mon, 19 Dec 2011 20:51:43 +0000

On December 14, 2011, the Receiver filed a motion in the U.S. District Court for the Southern District of Indiana requesting authorization to make a fourth distribution of $5 million of pooled funds to eligible investors in the Category B and “Other” bond issues and the Churchmen’s Bond Funds and approved trade creditors. A copy of the Receiver’s motion may be viewed here. If the Court approves the request, it is anticipated that payments will be sent to eligible investors and trade creditors within a week or two after the Court’s order is entered.

The Indiana Court of Appeals has upheld a 54-year sentence given to Vaughn Reeves for his conviction on 9 counts of securities fraud

admin — Wed, 21 Sep 2011 13:48:40 +0000

The Indiana Court of Appeals has upheld a 54-year sentence for a 67-year-old former pastor convicted of pocketing millions of dollars that investors believed would be used to build churches.The court denied Vaughn Reeves’ appeal Monday. He was convicted in October of nine counts of securities fraud.

Reeves had argued his sentence was too harsh. But the three-judge panel noted that Special Judge Dena Martin found Reeves defrauded about 2,900 people of more than $13 million, and that many of those people lost their entire retirement savings.

Reeves’ three sons also were convicted on securities fraud charges involving the family’s shuttered Sullivan-based church-bond company, Alanar.

Among aggravating factors, Martin also found Reeves targeted people over age 65 and used religion to influence them.

Alanar used a modified Ponzi scheme in which it diverted investors’ money from building projects to speculative investments and to interest payments on other bonds, according to the Indiana Secretary of State’s Office, whose Securities Division assisted prosecutors in the case.

Alanar encouraged church members to sell the bonds to fellow congregants using sales pitches that included prayers and Bible passages.

“Never sell the facts, sell warm stewardship and the Lord,” Alanar training materials said.

Reeves’ attorney’s office did not answer phone calls seeking comment about thr appeal.

Reeves’ sons, Joshua, Chris and Chip, reached plea bargains and received sentences ranging from six to 24 years.

The four men were arrested in mid-2009.

From The Indiana Business Journal

You may read the Opinion here (requires a PDF viewer).

Vaughn “Chip” Reeves Jr. Enters into Plea Agreement with State of Indiana

admin — Wed, 06 Jul 2011 20:24:34 +0000

On July 6, 2011, a plea agreement was entered into in the case of State of Indiana v. Vaughn “Chip” A. Reeves, Jr. Details concerning the plea agreement may be found by clicking on the following link:

http://tribstar.com/news/x614899118/Final-Alanar-defendant-to-get-24-years

An important Legal Notice for victims regarding the sentencing hearing issued by the Sullivan County Prosecutor’s Office may be viewed here.

Michael J. Rusnak Appointed Successor Receiver

admin — Tue, 05 Jul 2011 20:23:01 +0000

On July 5, 2011, Michael J. Rusnak was appointed by the U.S. District Court for the Southern District of Indiana as successor Receiver of Alanar, Inc. and its related entities following the withdrawal of Bradley W. Skolnik as Receiver. Prior to his appointment as successor Receiver, Mr. Rusnak served as Receiver’s legal counsel. A copy of the Court’s order may be viewed here.

Bradley W. Skolnik Granted Leave to Withdraw as Alanar Receiver

admin — Tue, 05 Jul 2011 20:15:31 +0000

On July 5, 2011, Bradley W. Skolnik was granted permission by the U.S. District Court for the Southern District of Indiana to withdraw as Receiver for Alanar, Inc. and its related entities. Mr. Skolnik has withdrawn as Receiver due to his appointment as the Executive Director of the Indiana Board of Law Examiners. A copy of the Court’s order may be viewed here.

U.S. District Court Authorizes Distribution of $10 Million in Pooled Funds to Eligible Investors and Approved Trade Creditors

admin — Thu, 31 Mar 2011 20:20:58 +0000

On March 31, 2011, the U.S. District Court for the Southern District of Indiana granted the Receiver’s request for authorization to make a third distribution of $10 million of pooled funds to eligible investors in the Category B and “Other” bond issues and the Churchmen’s Bond Funds and approved trade creditors. A copy of the Court’s order may be viewed here. Payments will be distributed to investors within the next two weeks.

Jonathan “Chris” Reeves Enters into Plea Agreement with State of Indiana

admin — Mon, 21 Feb 2011 20:19:28 +0000

On February 21, 2011, a plea agreement was entered into in the case of State of Indiana v. Jonathan “Chris” Reeves. Details concerning the plea agreement may be found by clicking on the following link: http://tribstar.com/news/x1709529565/Another-plea-agreement-in-Alanar-case

An important Legal Notice for victims regarding the sentencing hearing issued by the Sullivan County Prosecutor’s Office may be viewed here.

Josh Reeves Enters into Plea Agreement with State of Indiana

admin — Fri, 04 Feb 2011 20:18:17 +0000

On February 4, 2011, a plea agreement was filed in the case of State of Indiana v. Joshua C. Reeves. A plea and sentencing hearing will be held in the Sullivan County (Indiana) Circuit Court on February 25, 2011 at 1:30 p.m. A copy of the plea agreement may be viewed at www.sullivancountyprosecutor.com

An important Legal Notice for victims regarding the sentencing hearing issued by the Sullivan County Prosecutor’s Office may be viewed here.

Important Update: Receiver files motion for authorization to make a third distribution of $10 million in pooled funds to eligible investors and approved trade creditors

admin — Tue, 21 Dec 2010 20:16:52 +0000

On December 21, 2010, the Receiver filed a motion in the U.S. District Court for the Southern District of Indiana requesting authorization to make a third distribution of $10 million of pooled funds to eligible investors in the Category B and “Other” bond issues and the Churchmen’s Bond Funds and approved trade creditors. A copy of the Receiver’s motion may be viewed here. If the Court approves the request, it is anticipated that payments will be sent to eligible investors and trade creditors within a week or two after the order is entered.