This page provides the answers to the most frequently asked questions.
1. Why did I receive a remission check?
You received a remission check because your petition for remission in the Kum Ventures fraud scheme was granted.
Please cash your check no later than April 15, 2014. Failure to cash your check by April 15 will result in loss of remission.
2. What was the case about?
The United States Attorney for the Central District of California and the Federal Bureau of Investigation recovered approximately $1.8 million of proceeds of a Ponzi scheme that was operating during 2005 and 2006 under the name Kum Ventures (also known as Kum Holdings). Money was paid into the scheme through the use of “e-currency” accounts with e-Bullion, Inc and E-Gold. The money was recovered through a civil forfeiture action. The proceeds have been distributed to eligible victims through a process called “remission.”
3. Who was eligible to receive a remission?
Anyone who lost money as a result of investing in Kum Ventures and submitted a valid and timely petition form was eligible for remission.
4. How was the amount of my check calculated?
The amount of money available for remission was not sufficient to cover the losses of all victims. Therefore, qualified victims received a pro-rata percentage of their recognized loss amount. The pro rata amount was 40.1% of the recognized loss amount.
5. Do I give up any legal rights by submitting a Petition Form and cashing the remission check?
No. Persons who submitted a Petition Form and cash the remission check will not release any legal rights or claims they may have against James Michael Fayed or his co conspirators.
6. Is it too late to file a Petition Form now?
Yes. It is too late to file a petition form as all available remission funds have been distributed.
7. The person named on the check is deceased and the check cannot be cashed. What should I do?
If the person named on the check is deceased and you cannot cash the check, please return the original check to the address in the top left of the check, along with a copy of the death certificate and a letter explaining how the check should be reissued. A replacement check will be sent to you.
8. How do I get more information?
More information is available from this website or if you have any questions about the remission process, you may call 1‑888-768-2058; or send an email to [email protected].
