(Securities and Exchange Commission v. Gregory W. Gray, Jr., Archipel Capital, LLC, BIM Management LP, et. al. 15 Civ. 1465 (LAK)
(last updated April 27, 2015)
On March 25, 2015, Lucien A. Morin, II, Esq. of Rochester, New York, was appointed by the Honorable Lewis A. Kaplan, United States District Judge for the Southern District of New York, as the Receiver for Archipel Capital, LLC, BIM Management LP ( “Corporate Defendants”) and its affiliates Archipel Capital – Amyris Biotecnologies LP, Archipel Capital – Agrivida LLC, Archipel Capital – Bloom Energy LP, Archipel Capital – Late Stage Fund LP, Archipel Capital – Lineagen LP, Archipel Capital – Social Media Fund LP, Archipel Capital – Social Media Fund II LP, Archipel Capital – Social Media Fund LP 3, Archipel Capital – Social Media Fund LP 4 and Bennington-Everloop LP (“Relief Defendants”), all collectively referenced in this page as the “Receivership Defendants.”
The Receiver is not a government employee nor is he an official with the Securities and Exchange Commission. He is a private attorney, acting “on behalf of the court” for the purposes for which he was appointed.
The SEC's complaint alleges that Gregory W. Gray Jr. and his firms fraudulently used money from three investment funds to pay fictitious returns to investors in a different fund. No factual determination was made by the Court as Mr. Gray stipulated to entry of the March 23, 2009, Preliminary Injunction.
By the Court’s order, the Receiver was directed to take possession of certain assets of the Receivership Defendants into his custody, to investigate and locate other assets, to account, preserve and report to the Court as to his recommendations for action and disposition.
The Receiver, and the other professionals that he retains with the Court’s approval (such as attorneys, accountants, and investigators) will identify and gather the assets that belong to the entities in this Receivership and determine whether any other funds or assets exist. The availability of funds to pay investors will depend upon the results of the extent, and if appropriate, the liquidation of the defendants’ assets and other efforts by the Receiver in connection with the Receivership.