A receivership is an equitable remedy in which a court takes jurisdiction and possession over the assets and records of an individual or entity and places them under the control of a receiver.  The powers of the receiver are set forth in the Court order that appoints the receiver, which is referred to as the “Receivership Order”, or “SRO”.  Once the assets or records are placed in receivership they are under the exclusive control of the receiver and the individual or entity subject to the receivership order is no longer authorized to possess or control the assets or records.

The Receivership Order places the assets and records of the following individuals and entities in receivership and subject to the control of the Receiver Kelly Crawford:

• First State Depository Company, LLC

• Argent Asset Group, LLC

• Robert Leroy Higgins
• All affiliates or subsidiaries owned or controlled by any of the foregoing

It is too early to provide any estimate of the amount, if any, that will be available to be returned to investors who lost money.  It depends upon the total amount of assets that are recovered by the Receiver and the total amount of claims allowed by the Receivership Court.  As more information becomes available to the Receiver, this response will be updated. 

The Receiver is conducting an audit of the metals and assets at the Defendants’ depository to determine what metals and assets exist and what metals and assets, if any, are missing. Once the audit is complete, and subject to the Orders of the Receivership Court, the Receiver will be able to answer more specifically the questions of the Claimants.

At this point it is too early to predict how long the receivership will last.  The Court will conduct a hearing on December 2, 2022 to determine whether to extend the receivership.

The Receiver and those he has employed to assist him in the receivership are paid out of the assets recovered in the receivership.  The Receiver is required to file a fee petition with the Receivership Court and may only be paid upon the Receivership Court entering an Order approving the fees and expenses of the Receiver.  The Receiver is not employed by the Court or The Commodity Futures Trading Commission. In addition, the Receiver has no relationship to and is not affiliated with any of the Defendants.

If you have any information regarding the Defendants that you believe would assist the Receiver in locating and taking possession of assets of the Defendants, please contact the Receiver immediately.  In addition, if you are contacted by any of the Defendants or solicited by any person or entity controlled by any of the Defendants, please contact the Receiver immediately.