IPIC Receiver - Home

IPIC RECEIVERSHIP This website is maintained by the Receiver appointed for Gregory Setser, IPIC International, Inc., and other related persons and entities. This site contains background information concerning this matter, select pleadings, responses to questions frequently asked by inquiring parties, and updates concerning developments.

OVERVIEW IPIC International, Inc. and its affiliates were instruments of a Ponzi scheme that the federal government halted in November, 2003. Both criminal charges and civil claims were presented to a federal district court by different enforcement agencies. Click here for a copy of the Receiver’s Second Interim Report, which describes the IPIC fraud scheme in more detail and the progress of the case through June, 2006.

COMPENSATION FOR DEFRAUDED INVEST0RS The Court approved a Plan for General Distribution, which the Receiver implemented. Click here for a copy of the Plan. Over 1600 claims have been received and reviewed. Net cash losses of $75 million have been confirmed. Compensation of approximately $12 million has been paid. A bar date of September 1, 2004 was set for claims, which has now passed. The Receiver is presently working to resolve the remaining issues in the case, and expects to make an additional distribution of approximately $2 million yet this year. The Receiver does not presently anticipate a distribution beyond that amount.

CRIMINAL PROSECUTIONS Greg Setser was found guilty of securities fraud, and is presently serving a 40-year sentence, which is expected to be a life sentence. Others involved in the scheme received lesser sentences. Cindy Setser failed to appear for sentencing after having been found guilty of securities fraud, and authorities are presently seeking her. Please contact us if you have any information as to her whereabouts or possible support.

ASSIST VICTIMS Contributions for a special compensation fund established by a consortium of major Christian ministries can also be made through this site. Click here for more information. Further, any person who received the proceeds of the IPIC scheme without returning reasonably equivalent value is obligated to return those funds. Please contact us if you are aware of any such person who still has stolen money.