Joseph S. Forte and Joseph Forte, L.P.

Latest Action: On March 30, 2009, the Court appointed Marion A. Hecht, CPA, CFE, CIRA, CFF, and MBA, Managing Director of the forensic litigation and valuation division of Goodman & Company, LLP as Receiver in the SEC and CFTC actions. The goal and purpose of the Receivership is to assume control of, marshal, pursue, and preserve the Receivership Assets with the objective of maximizing the recovery of defrauded investors. Notwithstanding, the SEC can make no representation as to whether there will be sufficient assets to distribute and/or as to whether, as a result of this litigation, any investor(s) will receive any compensation for losses. For more information about Receivership, you can visit the Receiver's website.

Background: On January 7, 2009, the SEC obtained an emergency Court order freezing the assets of Joseph Forte and Joseph Forte, L.P. in connection with an alleged multi-million dollar Ponzi scheme. The litigation is continuing, as is the litigation in a related case brought by the Commodity Futures Trading Commission in CFTC v. Joseph S. Forte, 09-CV-00064-PD (E.D. Pa.). The SEC and the CFTC are working together to gather information from individuals and entities who may have invested in the alleged scheme

The information gathered will be used, with other records, to assess, among other things, the validity of any claim of loss and the extent of collective losses. At this time, the SEC can make no representation as to whether there will be sufficient assets to distribute and/or as to whether, as a result of this litigation, any
investor(s) will receive any compensation for losses.

For more information about the SEC’s action, you can review the SEC's public releases (including its complaint) at:

http://www.sec.gov/divisions/enforce/claims/josephforte.htm