James G. Temme and Stewardship Fund LP

On October 14, 2011, the SEC obtained a temporary restraining order, asset freeze and other relief against James G. Temme and his company, Stewardship Fund LP.  The Court subsequently entered preliminary injunctions against them.  According to the Complaint, since 2008, James G. “Jay” Temme through Stewardship raised at least $35 million from various investor groups.  The SEC alleged that Temme told investors and their advisers that he was using the investors’ money to purchase “tapes” of non-performing mortgages from mortgage lenders at a discount.  The SEC also alleged that Temme represented he was paying returns from principal and interest payments he collected from the homeowners, or from the resale of the mortgages or underlying properties.  According to the Complaint, these claims were false.

For more information about the SEC’s action, you can read Litigation Release No. 22130 (Oct. 18, 2011).

The Court has appointed Keith M. Aurzada as Receiver.  For the latest information about the Receivership, please visit the Receiver’s website at www.stewardshipfundreceivership.com.