Overview of the Receivership

The Wextrust Receivership was created by order of the United States District Court for the Southern District of New York on August 11, 2008. The court appointed Timothy J. Coleman to act as Receiver for the Wextrust group of companies. The Receiver is charged with managing the Wextrust companies, and with taking other actions required by law and by the Court's orders.

The U.S. Securities and Exchange Commission filed a civil case against two Wextrust principals, Steven Byers and Joseph Shereshevsky. The case is pending before United States Circuit Judge Denny Chin, sitting by designation, in the Southern District of New York. Byers and Shereshevsky were also indicted on criminal charges in 2008. In 2011, Byers pled guilty and was sentenced to 13 years and 4 months; Shereshevsky pled guilty and was sentenced to 21 years and 10 months in federal prison.

This website provides information about legal proceedings related to Wextrust, the status of the Wextrust businesses and properties, and the activities of the receivership. This site also provides information on properties offered for sale by the Receiver.

For more information, please click on one of the links above, or on the "Recent Events" postings on the sidebar. For information on contacting the Receiver, please Click Here