Welcome to the Wextrust Receivership Website
On August 11, 2008, the United States District Court for the Southern District of New York appointed Timothy J. Coleman as Temporary Receiver for the WexTrust entities. (For a copy of the Order appointing the Receiver click here.) On this date, the United States Securities and Exchange Commission ("SEC") filed charges against Steven Byers, Joseph Shereshevsky, Wextrust Capital, LLC ("Wextrust") and four affiliated Wextrust entities, alleging that the defendants conducted a massive Ponzi-type scheme from 2005 or earlier that raised approximately $255 million from approximately 1,200 investors, most of whom were members of the Orthodox Jewish Community. (For a copy of the SEC Complaint click here.) The SEC also sought and obtained emergency relief to freeze the defendants' assets and place the Wextrust entities under the control of a receiver to safeguard assets. (For a copy of the Order freezing assets click here.) The United States Attorney's Office for the Southern District of New York has filed a criminal complaint against Steven Byers and Joseph Shereshevsky. (For a copy of the Criminal Complaint click here.)
Mr. Coleman, the Wextrust Receiver, created this website to provide information about the Wextrust Receivership in order to assist investors and others. You can find public court filings, information about the Wextrust Receiver, and other helpful information by clicking on the links on the left side of this home page.