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Frequently Asked Questions

If my contact information changes, how can I let the Successor Trustee know?

What is a “receivership” and the successor “QSF Trust”?

When will I receive any of my investment back?

How much of my investment will I receive back?

What is the best way to get in touch with the Successor Trustee if I have a question?

What do I need to do next?

Fourth Proposed Distribution:

How was my Defrauded Investor distribution calculated?

I am a member of an individually named plaintiff group. Does that affect the amount of the distribution I received?

When was my prior distribution released? Will I receive any additional distributions?

How will the Successor Trustee be sending future distributions?

What if I have more than one type of claim (Administrative / Former-Employee / Convenience / Creditor / Defrauded Investor / Pass-through Investor)?

How do I get a copy of the Receiver’s Fourth Distribution Motion or the Declaration of Ronald F. Greenspan and attached exhibits?


If my contact information changes, how can I let the Successor Trustee know?

If your contact information changes, please complete the Change of Information Form that can be found here. The completed Change of Information Form must be sent to the Successor Trustee, as an attachment in portable document format (.pdf), to investorservices@aequitascapital.com. Please note that it is the responsibility of Claimants, Administrative Claimants and other interested parties to keep the Successor Trustee apprised with a current email and mailing address in order to receive notices or other communication from the Successor Trustee or the QSF Trust.

What is a “receivership” and the successor "QSF Trust"?

When a judicial enforcement action is brought by the U.S. Securities and Exchange Commission (the “SEC”) to enjoin conduct prohibited under various securities laws, the SEC frequently seeks appointment by the Court of a receiver to take control of the assets of the defendant pending the outcome of the litigation. The Receiver is an officer of, and overseen by, the Court. Accordingly, in this case, the Receiver was appointed by the United States District Court for the District of Oregon and charged with, among other things, marshaling and preserving the assets of the defendant entities pending a determination whether or not Aequitas Management, LLC, Aequitas Holdings, LLC, Aequitas Commercial Finance, Inc., Aequitas Capital Management, Inc., Aequitas Investment Management, LLC and Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis, and/or other defendants violated any securities law.

On October 17, 2023, the Receiver filed his motion seeking termination of the Receivership Estate and requesting further and additional relief (the “Closing Motion”), which the Court granted on November 1, 2023 (the “Closing Order”). The Receiver Has Determined That All Tasks and Actions Needed Prior to The Transfer of Authority and Control to David Stapleton as the Successor Trustee/Administrator of the QSF Trust Have Been Completed.

Based on the foregoing determination by the Receiver that all tasks and actions needed prior to the transfer of authority and control to the QSF Trustee have been completed, the Receiver and the QSF Trustee hereby provide their Joint Notice of Termination of the Receivership and transfer of authority and control to the QSF Trustee. Termination of the Receivership and transfer of authority and control to David Stapleton was effective April 1, 2024.

When will I receive any of my investment back?

Ultimately, the timing of the final distribution is dependent on the final liquidation of the QSF Trust’s remaining assets. The Trustee believes it is in the best interest of the QSF Trust and the beneficiaries to complete the final distribution when all remaining assets are liquidated. Currently the final distribution from the remaining Trust assets is projected to be $2.0 to $2.5 million to Defrauded Investors, significantly smaller than the August 2023 distribution of $10 million and far below the July 2021 distribution of $22 million and October 2020 distribution of $74 million. Defrauded Investors who otherwise qualify for a distribution might receive additional distributions in the future. Some Defrauded Investors who did not qualify for the fourth interim distribution may become eligible for future distributions, again, if such a distribution takes place. No further distributions are expected with regard to allowed claims that are fully resolved in the subject Motion for Classes other than the Defrauded Investors.

How much of my investment will I receive back?

Until all of the assets are monetized, it is not possible to determine exactly what the ultimate recovery will be on an individual claim. The amount recovered on each claim will be determined based on the terms of the distribution plan ultimately approved by the Court and the total amount available for distribution. Many investors may or have already received distributions from separate settlements between investors and former Aequitas professionals and/or registered investment advisors that were achieved with the significant assistance from the Receiver and his professionals. Please see the Distribution Plan for illustrative information about Receivership and Successor Trustee distributions.

What is the best way to get in touch with the Successor Trustee if I have a question?

The best way to contact the Successor Trustee is to submit your question, along with your contact information, through the "Submit an Inquiry" tab on this website.

What do I need to do next?

The Successor Trustee will periodically post case updates as well as other important information at this website. We encourage parties in interest to visit this website and check for updates periodically.

Explanation of Fourth Distribution:

How was my Defrauded Investor distribution calculated?

For purposes of calculating the Fourth Interim distribution, the Interim Recovery Threshold is thirty-five and twenty-three hundredth of a percent (35.23%). If the Receiver specified a non-zero Proposed Distribution, that amount is your Total Investment x the Interim Recovery Threshold (35.23%) minus any amounts received as a Pre-Receivership Return and Prior Interim Distribution. You may also want to review the Distribution Plan [Dkt. 787] at 45-55.

I am a member of an individually named plaintiff group. Does that affect the amount of the distribution I received?

Defrauded Investors who are members of an individually named plaintiff group have received moneys on account of the third-party settlements of those claims. You might also receive a distribution from the Receivership and Successor Trustee (that for some plaintiff groups may come to you via your legal counsel), which distribution might be somewhat more or less than the Receiver’s Calculated Interim Distribution. The difference can arise because the intra-group agreement might contain allocation provisions that differ from the Court-approved distribution plan.

When was my prior distribution released? Will I receive any additional distributions?

Upon court approval of the Receiver’s Fourth Distribution Motion payments were released by the Receivership between October and November of 2023. Defrauded Investors who otherwise qualify for a distribution might receive additional distributions in the future. However, it is not known at this time whether there will be an additional distribution and, if yes, when it may take place. Some Defrauded Investors who did not qualify for the Fourth Interim Distribution may become eligible for future distributions, again, if such a distribution takes place. No further distributions are expected with regard to allowed claims that are fully resolved in the subject Motion for Classes other than the Defrauded Investors.

Additionally, you are highly encouraged to monitor this website for announcements and additional distribution or related information.

How will the Successor Trustee be sending future distributions?

When a Claimant informs the Successor Trustee in writing prior to the filing of this motion that the ownership of the Claim had been transferred, the Successor Trustee will make a good faith effort to direct payment to the last known owner of the claim. Where appropriate, distributions may also be made to a Specified Claimant’s investment custodian or counsel. Some Defrauded Investors, for example, have investment accounts held by custodians or some Claimants might be represented by counsel. The Successor Trustee is authorized and has discretion to make distributions to a Specified Claimant’s custodian or counsel and if not held in a custodial account, the distribution will be made directly to the Defrauded Investor.

You are further reminded that it is your responsibility to keep the Successor Trustee apprised of your current email address, mailing address and any change in the custodian of your account. If there has been an address or custodian change, please notify the Successor Trustee by completing and emailing a Change of Information Form a link to which can be found here. The completed Change of Information Form must be sent to the QSF Trust by electronic mail, as an attachment in portable document format (.pdf), to investorservices@aequitascapital.com.

What if I have more than one type of claim (Administrative / Former-Employee / Convenience / Creditor / Defrauded Investor / Pass-through Investor)?

To the extent you have more than one type of Allowed Claim (Administrative /Former-Employee / Convenience / Creditor / Defrauded Investor / Pass-through Investor), each of your claims is treated separately based on the type of claim. The proposed distribution is calculated consistent with the provisions of the Court-approved Distribution Plan.

To the extent a single claim was submitted multiple times, for example by submission via email and regular mail, the claim is addressed or resolved as set forth in Exhibits 1 – 3 and the duplicate(s) claims are disallowed.

How do I get a copy of the Receiver’s Fourth Distribution Motion or the Declaration of Ronald F. Greenspan and attached exhibits?

A copy of the Receiver’s Fourth Distribution Motion and the Declaration of Ronald F. Greenspan (and attached exhibits) can be found on this website. They can be found here: