The Securities and Exchange Commission has obtained an emergency court order to freeze the assets of Matthew J. Ryan, a Troy, N.Y. based financial professional, and Prime Rate and Return, LLC, which does business as American Integrity Financial Co. Read the SEC's entire press release here.
On May 3, 2010, Paul A. Levine, Esq. was appointed as Temporary Receiver for Prime Rate and Return, LLC and the entities listed on Exhibit A to the Order to Show Cause, Temporary Restraining Order and Order Freezing Assets and Granting Other Relief (the “Receiver Entities”) posted as Docket # 6 by the United States District Court for the Northern District of New York. By stipulated Order dated June 7, 2010, the Court, among other things, appointed Mr. Levine as the Receiver of the Receiver Entities. The Stipulated Order granting preliminary relief is posted as Docket #11.
The website for the United States District Court for the Northern District of New York is www.nynd.uscourts.gov.
A local media outlet reported that on June 18, 2010, a federal grand jury indicted Matthew J. Ryan on one count of securities fraud and nine counts of mail fraud. The complete article can be found here.
The Receiver is undertaking a review of the assets and liabilities of the Receiver Entities at this time. The Receiver expects to communicate with interested parties by an initial letter communication sometime in the next several weeks once more is known. In the interim, interested parties can review this website from time to time for possible updates.