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USIC Information

Information as of June, 2003:

1. Letter to Former USIC Investors
2. Court Order dated June 27, 2003
3. Distribution Plan Order and Order Setting Objection Date
4. Motion Papers (motion and memorandum of law)
5. Claim form

Information as of January 2003:

On July 25, 2002, superceded receiver Edmund E. Fleming ("Fleming") was sentenced for his criminal contempt conviction to five months home detention and five months community confinement.

The Commission has conducted discovery regarding Fleming's financial ability to restore to the U.S. Investment Co., Ltd. ("USIC) receivership, the money the District Court found that he misappropriated from the USIC receivership. The Court has lifted the stay in the civil contempt proceedings and has ordered a hearing to commence on February 18, 2003 to determine whether Fleming is in civil contempt for failing to restore the USIC receivership the money he misappropriated.

In order to update the former USIC investors on the status of this matter, please ensure that we have your proper contact information. Please contact the individuals below with any changes to your contact information:

Karin N. Roth, Senior Trial Attorney
U.S. Commodity Futures Trading Commission
Eastern Regional Office
140 Broadway - 20th floor
New York, N.Y. 10005
Phone: (646) 746-9764
Fax: (646) 746-9940
e-mail: kroth@cftc.gov

Angela Bella, Futures Trading Investigator
U.S. Commodity Futures Trading Commission
Eastern Regional Office
140 Broadway - 20th floor
New York, N.Y. 10005
Phone: (646) 746-9740
Fax: (646) 746-9939
e-mail: abella@cftc.gov

Information as of January 2002:

On September 11, 2001, the CFTC's Eastern Regional Office at the World Trade Center was destroyed by the terrorist attack. The CFTC is attempting to recreate address information that former USIC investors had submitted prior to the attack. To ensure that we have your proper contact information, we would be grateful if you would contact us at the following address and number:

Stephen J. Obie Senior Trial Attorney
US Commodity Futures Trading Commission
Eastern Regional Office
525 Washington Boulevard, Floor 21
Jersey City, NJ 07130

Phone: (201) 234-6943
Fax: (201) 234-6955
e-mail: sobie@cftc.gov

On December 27, 2001, superceded receiver Edmund E. Fleming ("Fleming") was convicted of two counts of criminal contempt. The Court has yet to set a date for sentencing. To read the Judge's decision convicting Fleming, click here.

As a result of the criminal contempt proceedings, the Court has stayed the civil contempt proceedings against Fleming.

Information as of March 8, 2001:

On February 15, 2001, a grand jury returned an indictment charging Superceded Receiver Edmund E. Fleming ("Fleming") with fifteen counts of criminal contempt pursuant to 18 U.S.C. § 401(3).

As a result of the indictment, the Court temporarily stayed the civil contempt proceedings that the Commodity Futures Trading Commission is pursuing against Fleming. The Court has ordered the parties to submit a report on April 20, 2001, addressing certain legal issues to determine whether the stay should remain in effect.

After conducting a conference on June 20, 2000, the Court established the following dates for discovery and for a hearing on the Commission's contempt motion:

To keep former USIC investors informed of further developments in this matter, the CFTC has established a recorded information line at (212) 488-1309.

If you have any questions or if you have any changes or corrections to your address, please contact Paralegal Specialist Angela Bella at (212) 488-1266 or Trial Attorney Stephen J. Obie at (212) 488-1238.

• Court's April 14, 2000 Memorandum and Order (PDF format)